Macro Economics Vocabulary

Which of the following will increase economic growth

• An increase in unemployment

• An increase in incomes

• An ageing population

• Investment in technology

A period of high economic activity and high employment is:

• A recovery

• A recession

• A boom

• A slowdown

During the recession more businesses shut down, causing unemployment. This type of unemployment is:

• Seasonal

• Frictional

• Structural

• Cyclical

What is GDP per capita?

• GDP divided by the value of capital inputs

• GDP divided by the population

• GDP divided by the number of workers

• GDP divided by the number of weeks in the year

The formula C+I+G+X represents ​ (a)   .

• Gross Domestic Product

• Nominal Imports

• Nominal Exports

• Gross International Product

What is the study of production, employment, prices and policies on a nationwide scale?

• Inflation

• Macroeconomics

• Pyschological pricing

What does GDP stand for?

• General Domestic Prices

• Gross Domestic Prices

• Gross Domestic Product

• Gross Disgusting Person

• General Domestic Product

Two major factors that create scarcity...

• The economic growth and reduce expectations

• The limited resources and unlimited wants

• The limited services and unlimited wants

• The limited goods and unlimited services

Which economics term describes the way in which there are a limited number of resources to meet our unlimited wants and needs?

• Shortage

• Consumption

• Production

• Scarcity

Which economic term describes people buying and using goods and services?

• Production

• Consumption

• Collating

• Consolidating