Macroeconomics Vocabulary Quiz

___________ is a macroeconomic measure of the value of economic output adjusted for price changes.

• national debt

• inflation

• real GDP

• consumer price index

An increase in the amount of goods and services produced per head of the population over a period of time is known as?

• inflation

• economic growth

• national debt

• real GDP

What is the part of economics concerned with large-scale or general economic factors, such as interest rates and national productivity, called?

• personal finance

• microeconomics

• supply and demand

• macroeconomics

____________ is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

• consumer price index

• inflation

• economic growth

• depression

A ________ is the stage of the economy's business cycle that marks the end of a period of declining business activity and the transition to expansion.

• depression

• peak

• trough

• regression

We strive for _________ ________ where up to only 4-6 percent of unemployment exists.

• frictional unemployment

• full employment

• seasonal unemployment

• structural unemployment

When a worker's skills do not match what jobs are available for the current economy, this is causes what type of unemployment?

• seasonal unemployment

• frictional unemployment

• structural unemployment

• cyclical unemployment

In what phase of the business cycle is there is a turnaround in the economy, and it begins to recover from the negative growth rate?

• depresssion

• regression

• recovery

• inflation

In what stage of the business cycle is there is an increase in positive economic indicators such as employment, income, output, wages, profits, demand, and supply of goods and services?

• regression

• depression

• expansion

• trough

Unemployment that goes up during times of economic turmoil, and goes down during times of economic prosperity, is what type of unemployment?

• cyclical unemployment

• seasonal unemployment

• frictional unemployment

• structural unemployment