Econ Vocab Quiz Unit 3: Macroeconomics

________ is the study of how a whole country's economy works, like looking at the big picture.

• Macroeconomics.

• Microeconomics.

• Sociology.

• Anthropology.

________ is the total value of all the things we make (goods) and do (services) in a country.

• Gross Domestic Product (GDP)

• Net National Product (NNP)

• Consumer Price Index (CPI)

• Human Development Index (HDI)

________ is when prices for things go up over time, and your money can't buy as much as it used to.

• Inflation.

• Deflation.

• Stagnation.

• Recession.

How many people are looking for jobs but can't find one, shown as a percentage.

• Unemployment Rate.

• Employment Rate.

• Labor Force Participation Rate.

• Job Vacancy Rate.

________ is what the government does with taxes and spending to help the economy.

• Fiscal Policy.

• Monetary Policy.

• Trade Policy.

• Regulatory Policy.

________ is what the central bank does with money and interest rates to control the economy.

• Monetary Policy.

• Fiscal Policy.

• Trade Policy.

• Exchange Rate Policy.

________ is a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP for two consecutive quarters.

• Recession.

• Inflation.

• Expansion.

• Stagnation.

________ is when the government spends more money than it gets in taxes for a year.

• Budget Deficit.

• Budget Surplus.

• Balanced Budget.

• Fiscal Reserve.

________ is the central banking system of the United States, which regulates the monetary and financial system.

• Federal Reserve.

• Bank of America.

• World Bank.

• International Monetary Fund.

________ is the amount charged by lenders to borrowers for the use of money, usually expressed as a percentage of the principal.

• Interest Rates.

• Loan Amount.

• Credit Score.

• Repayment Period.