Econ Unit 4- Preview Quiz

branch of economics that studies the performance of an economy as a whole. It focuses on the aggregate changes in the economy such as unemployment, gross domestic product, and inflation

• microeconomics

• environmental economics

• macroeconomics

• behavioral economics

The monetary value of all finished goods and services produced within a country's borders in a specific period of time. (simply put- it is the measurement of a country's total output)

• Consumer Price Index

• Monetary Policy

• Gross Domestic Product

• Producer Price Index

A general increase in price levels for goods and services

• inflation

• deflation

• Real GDP

• Nominal GDP

A general decrease in price levels for goods and services

• inflation

• deflation

• Real GDP

• Nominal GDP

The use of government taxes (revenue collection) and spending (expenditure) to influence the economy

• monetary policy

• supply side economics

• fiscal policy

• behavioral economics

In the United States, full employment is reached when...

• the unemployment rate is at zero percent

• the unemployment rate is below one percent

• the unemployment rate is between 3-5 percent

• the unemployment rate is between 6-8 percent

The current national debt is around

• 4 billion dollars

• 14 billion dollars

• 15 trillion dollars

• 31 trillion dollars

A period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters

• depression

• recession

• staglation

• economic expansion

What is the most important indicator on how the economy is doing?

• Real GDP

• inflation rates

• who is President of the United States

• interest rates

Which type of unemployment includes: workers who are in between jobs or a college graduate looking for their first job?

• structural unemployment

• frictional unemployment

• seasonal unemployment

• cyclical unemployment