FINAL REVIEW: Macroeconomics

It is the study of the nations economy as a whole.

• Microeconomics

• National economy

• National output

• Macroeconomics

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 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

This happens when there is an increase in the production of goods and services.

• Economic Development

• Economic Progress

• Economic Growth

• Economic efficiency

What is GDP?

• Gosh Dang Problem

• Gross Domestic Product

• Game Domination People

• Gross Directive Program

Which type of GDP accounts for inflation and is therefore the MOST accurate?

• Nominal

• Growth

• Real

• Non-Market

Which of the following is NOT measured in GDP?

• Illegal narcotics sales

• Running a plumbing business

• Selling produce

• Buying an American-made car

A pair of shoes that costs $80 last month costs $100 this month. Which of the following BEST describes this economic condition?

• inflation

• recession

When the demand for a product or service is higher than the supply this causes what?

• shortage

• surplus

• consumer

• equilibrium

What is the equilibrium quantity in this graph?

• $1.00

• $1.50

• 600

• 800