Macroeconomics

Imagine you are an economist studying a particular country. You want to calculate the total value of all final goods and services produced in that country in a given year. What term would you use to describe this?

• Gross Domestic Product

• Consumer Price Index

• Inflation

• Unemployment

Imagine you are an economist studying the cost of living in a typical urban area. You decide to measure the price of a standard group of goods that a typical consumer in this area would buy. What is the name of this price index?

• Gross Domestic Product

• Consumer Price Index

• Unemployment

• Inflation

Imagine you are an economist observing the market trends. You notice that there is a general increase in prices across all sectors of the economy. What term would you use to describe this phenomenon?

• Gross Domestic Product

• Consumer Price Index

• Unemployment

• Inflation

John is studying economics and he came across a term that represents the percentage of a nation's labor force that is unemployed. Can you help him identify the term?

• Gross Domestic Product

• Inflation

• Unemployment

• Consumer Price Index

John is a farmer and he is unemployed during the winter months when there is no harvest. Similarly, a hotel employee in a tourist location is unemployed during off-season. What type of unemployment is this?

• Seasonal Unemployment

• Structural Unemployment

• Frictional Unemployment

• Cyclical Unemployment

John is a skilled blacksmith, but he is unable to find a job because the demand for blacksmiths has decreased due to technological advancements. What type of unemployment is John experiencing?

• Seasonal Unemployment

• Structural Unemployment

• Frictional Unemployment

• Cyclical Unemployment

John recently quit his job to find a new one. This period of job searching is an example of which type of unemployment?

• Seasonal Unemployment

• Structural Unemployment

• Frictional Unemployment

• Cyclical Unemployment

John was studying the effects of the recent economic downturn. He noticed a type of unemployment that rises during these downturns and falls when the economy improves. What type of unemployment was John studying?

• Seasonal Unemployment

• Structural Unemployment

• Frictional Unemployment

• Cyclical Unemployment

Imagine a scenario where a country's economy is booming, industries are flourishing, and there is a surge in job opportunities. This is followed by a sudden downturn, industries start to collapse, and unemployment rises. What is this phenomenon called?

• Business Cycle

• Circular Flow

• Equilibrium

• GDP

Imagine you are the President. You want to influence the economy by adjusting government spending and revenue collection. What is this strategy called?

• Monetary Policy

• Fiscal Policy

• Congressional Policy

• Executive Policy