Introduction to macroeconomics Review Questions with complete Solutions Rated A+
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Macroeconomics
Institution
Macroeconomics
Introduction to macroeconomics Review Questions with complete Solutions Rated A+
macroeconomics is mostly the study of - Answers The economy as a whole
The two topics of primary concern in macroeconomics are - Answers short run fluctuations in output and employment and longrun economic growth
Th...
Introduction to macroeconomics Review Questions with complete Solutions Rated A+
macroeconomics is mostly the study of - Answers The economy as a whole
The two topics of primary concern in macroeconomics are - Answers short run fluctuations in output
and employment and longrun economic growth
The business cycle depicts - Answers short-run fluctuations in output and employment
The term "recession" describes a situation where - Answers output and living standards decline
which of the following is most closely related to recessions - Answers negative real growth in output
which of the following statements is mostly accurate about advanced economies - Answers economies
experience a positive growth trend over the long run but experience significant variability in the short
run
Real GDP measures - Answers value of final goods and services produced within a countries border,
corrected for price changes.
if the prices of all goods and services increased , but the quantity produced remained unchanged what
would happen to nominal and real GDP? - Answers Nominal GDP would rise, but real GDP would remain
unchanged.
Real GDP is preferred to nominal GDP as an economic performance because. - Answers Nominal GDP
uses current prices and thus may over state or understate true changes in output
why are high rates of unemployment a concern to economist - Answers There is lost output that could
have been produced if the unemployed had been working
unemployment describes the condition where - Answers a person can not find a job but is actively
seeking work
higher rates of unemployment are linked with - Answers higher crime rates as the unemployed seek to
look for lost income
inflation is described as - Answers an increase in overall level of prices
why are economist concerned with inflation - Answers inflation lowers the standard living for peoples
whose income does not increase as fast as the price leve;
The three statistics for measuring economic health are - Answers Real GDP, inflation, unemployment
modern economic growth refers to countries that experience in increase in - Answers real output per
person
Before the period of modern economic growth - Answers rates of population growth virtually matched
rates of output growth
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