Unit 5 Economic Measurements

The goal of macroeconomics is to

• Become a better decision maker by learning how the whole economy works.

• the part of economics concerned with single factors and the effects of individual decisions

What is something that macroeconomics does NOT study?

• Economic output

• Individual economic decisions

• Unemployment

• Inflation

What is NOT an economic goal of policymakers?

• Ensure that people make enough money to pay for what they want to buy

• Promote economic growth

• Limit unemployment

• Keep prices stable

What is NOT a measurement that economists analyze to see if a country is achieving its economic goals?

• Gross Domestic Product

• Unemployment Rate

• Inflation Rate

• Market Basket

When is an economy going into an economic recession?

• 3 months or one economic quarter of a downturn in the economy

• 6 months or two successive quarters of a downturn in the economy

• One year or four successive quarters of a downturn in the economy

What is not a type of unemployment?

• Frictional

• Structural

• A worker gets discouraged and quits trying to find a job

• Cyclical

What is NOT a component of the GDP?

• Consumer Spending

• The unemployment rate

• Government Spending

• Net Exports

What is the GDP Per Capita?

• the total value of goods and services produced in a country.

• is an assessment of economic production in an economy but includes the current prices of goods and services in its calculation.

• breaks down a country's economic output per person and is calculated by dividing the GDP of a country by its population.

What is not a main factor used to determine if a country is rich or poor?

• Lack of natural resources

• Number of cell phones its people have

• Type of government

• Level of technology

What is not a factor of production?

• Land

• Labor

• Technology

• Capital