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Macroeconomic Concepts Review Flashcards | StudBud
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Macroeconomic Concepts Review
Macroeconomic Concepts Review
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1
According to the circular flow model, what do households spend money on?
Hiring labor
Goods and Services
Donating to struggling businesses
The Factors of Production
2
Bo did not like his job as a lawyer and quit. Bo is now in school to become a teacher. Bo is experiencing...
Frictional Unemployment
Structural Unemployment
Seasonal Unemployment
Cyclical Unemployment
3
The fundamental problem of not having enough resources to meet our demand.
Underemployment
Opportunity Cost
Inefficiency
Scarcity
4
A society that balances government protection and regulation with economic freedom would most likely be considered a...
Traditional Economy
Command Economy
Mixed Economy
Market Economy
5
Max works in a customer service call center. Her job is being sent to a country where wages are lower. This is...
Structural Unemployment
Cyclical Unemployment
Seasonal Unemployment
Frictional Unemployment
6
A society that is based on custom, centered around family, and slow to change would most likely be considered a...
Traditional Economy
Market Economy
Command Economy
Mixed Economy
7
Which of the following is NOT counted as a part of GDP?
Illegal sales and trade
All of these
Volunteer Work
Work done at home without pay
8
Shari worked for an architecture firm. A recession hit, new construction halted, and Shari lost her job. This is...
Frictional Unemployment
Seasonal Unemployment
Structural Unemployment
Cyclical Unemployment
9
Unemployment related to swings in the business cycle. Workers may be laid off during a recession and rehired later.
Cyclical Unemployment
Seasonal Unemployment
Structural Unemployment
Frictional Unemployment
10
Unemployment resulting from seasonal changes that cause a change in demand.
Frictional Unemployment
Seasonal Unemployment
Structural Unemployment
Cyclical Unemployment
11
Unemployment caused by economic or technological progress that changes how a business operates.
Cyclical Unemployment
Frictional Unemployment
Seasonal Unemployment
Structural Unemployment
12
The study of the performance, structure, behavior, and decision-making of an economy as a whole. Large scale economics.
Microeconomics
Budgeting
Macroeconomics
Civics
13
What are the four factors of production?
Minerals, Knowledge, Money, and Capitalism
Land, Knowledge, Money, and Entrepreneurship
Land, Labor, Capital, and Entrepreneurship
Resources, Labor, Capital, and Human Capital
14
A society in which economic decisions are freely made based on supply and demand would most likely be considered a...
Command Economy
Traditional Economy
Mixed Economy
Market Economy
15
The ____________ is defined as the sum of all persons 16 and older who are employed or actively seeking employment.
Active Working Population
Employment Pool
Labor Force
Eligible Work Force
16
Nearly every country today has a...
Traditional Economy
Market Economy
Mixed Economy
Command Economy
17
The study of how individual people make decisions about how to use their scarce resources. Small scale economics.
Budgeting
Macroeconomics
Civics
Microeconomics
18
The overall increase in prices over time is measured by the...
Gross Domestic Product
Inflation Rate
Unemployment Rate
Annual Purchasing Study
19
The total market value of all final goods and services produced in a country in one year is measured by the...
Gross Domestic Product
Inflation Rate
Unemployment Rate
Annual Budget
20
A discouraged worker is someone who...
Is too young to work
Is only working part time
Has given up on trying to find a job
Hates their job
21
According to the circular flow model, what is bought and sold in the factor market?
Goods and Services
Struggling businesses
Used goods
The Factors of Production
22
A society in which decisions are made by a central planner or the government would most likely be considered a...
Traditional Economy
Command Economy
Mixed Economy
Market Economy
23
GDP per capita divides the gross domestic product by the country's...
Area
Debt
Population
Number of businesses
24
Unemployment that occurs when a worker’s circumstances have changed and they are between jobs for one reason or another.
Seasonal Unemployment
Frictional Unemployment
Structural Unemployment
Cyclical Unemployment
