Macro Unit review #1

Select all that apply

Which of the following are the macroeconomic goals for an economy?

• Economic growth

• Stable Prices

• Single market growth

• Full Employment

The US unemployment rate increased to 3.6 percent in October 2019 from 3.5 percent in the previous month and in line with market expectations. Over the month, the number of unemployed persons increased by 86,000. The labor force participation rate edged up to 63.3 percent from 63.2 percent in September.

According to the passage, which macroeconomic goal is being described?

• Economic growth

• Full employment

• Stable prices

• Inflation

• Economic downturn

C+I+G+(X-M)=

• Gross National Product

• Gross Domestic Product

• Gross National Debt

• Gross National Revenue

Select all that apply.

According to the graph, which of the following statements is true?

• Median household incomes are growing just as fast as the U.S. gross national product

• The United States is experiencing economic growth from 1985 to 2015

• Median household incomes are not growing as fast as the U.S. gross national product

• Unemployment is a problem in the United States

C+I+G+(X-M) is used to measure which of the following?

• Full employment

• Economic growth

• Price stability

• Unemployment

(CPI) or the Consumer Price Index is best represented by which formula?

• C=I=G=(X-M)

• Number of Unemployed Persons / Labor Force.

• (Cost of basket in current period/Cost of basket in base period) × 100

• Y = C + I + G + X + Z.

Choose all that apply

(CPI) or the Consumer Price Index is used to measure which of the following?

• Full employment

• Economic Growth

• Price stability

• Inflation

Lack of skills is the reason a person is unemployed

• Traditional unemployment

• Cyclical unemployment

• Structural unemployment

• Frictional unemployment

In between job is the reason a person is unemployed

• Traditional unemployment

• Cyclical unemployment

• Structural unemployment

• Frictional unemployment

The nation is experiencing an economic downturn (recession) is the reason a person is unemployed

• Traditional unemployment

• Cyclical unemployment

• Structural unemployment

• Frictional unemployment