Macroeconomics Introduction Review

What is inflation?

• rise in all prices
• rise in most prices
• rise in some prices
• rise in general prices

Which of the following studies economics as a whole?

• Microeconomics

• Macroeconomics

• Both Microeconomics & Macroeconomics

What is GDP?

• Gross Domestic Product

• Get Duties Prior

• Gross Department Power

• Gross Duties Peer

It is the measure of a country's total production of final goods and services in a given period of time.

• Gross National Product

• Gross Domestic Product

• Exports

• Imports

It is the continuing increase of the general price level in the market.

• Inflation

• Deflation

• Stagflation

• Recession

It is the decrease in the general level of prices of basic commodities.

• Inflation

• Deflation

• Stagflation

• Stagnation

It shows the cycle of goods and services in an economy.

• Circular flow of goods

• Circular flow of money

• Circular flow of the economy

• Circular flow of resources

It is the measure of national output that adjusts GNP to account for price changes.

• nominal GNP

• potential GNP

• real GNP

• actual GNP

It captures the prices of goods and services that consumers typically buy.

• Total Weighted Price

• Weighted Price

• Consumer Price Index

• Consumer Product Index

The Consumer Price Index measures:

• GDP

• unemployment rates

• inflation rates

• new industry in the nation