Macro Review JR

What is inflation?

• rise in all prices
• rise in most prices
• rise in some prices
• rise in general prices

Seth is laid off from work because he is a life guard at the local water park. He is experiencing what kind of unemployment?

• Structural
• Seasonal
• Frictional
• Cyclical

In the gross domestic product, the largest dollar amount is

• consumer spending
• rental payments
• net exports of goods and services
• government purchases of goods and services

This group is responsible for implementing fiscal policy

• Supreme Court

• Federal Reserve Board

• Council of Economic Advisors

• U.S. Congress

Which of the following are responsible for making fiscal policy decision? 

• The President and Congress
• The Federal Reserve System
• The National Council of Economic Advisors
• The commerce Department

Taxing & spending to help the economy grow is referred to as

• expansionary policy
• monetary policy
• contractionary policy
• budget deficit

value of current gross domestic product adjusted for inflation

• GDP

• real GDP

• inflation

Each year, any deficit in the federal government’s budget adds to the country’s

• national income

• national debt

• national surplus

Typical temporarily unemployed person.

• Frictional Unemployment

• Seasonal Unemployment

• Cyclical unemployment

• Structural Unemployment

Type of unemployment that occurs because worker's skill set does not match available jobs.

• Frictional Unemployment

• Seasonal Unemployment

• Cyclical unemployment

• Structural Unemployment