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Macroeconomics
Macroeconomics
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Economics review macroeconomics
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
What are the four basic factors of production?
Land, labor, captial, entrepreneurship
Land, swag, money, banks
Capital, entrepreneurship, money, businesses
Labor, population, wealth, land
2
When does inflation occur?
When demand for goods rises more than production capacity
When the cost goes down for items across usa
Nate Elder
When production capacity rises more than demand for goods
3
What causes cyclical unemployment?
Demand for goods higher than capacity
Demand for goods lower than capacity
Moe Bryson
4
Santa is unemployed during the Summertime. What kind of unemployment is this?
Frictional
Cyclical
Seasonal
Structural
5
Structural unemployment occurs when
People lose jobs because companies shut down
Goin‘ to Texas!
People lose jobs because their skills are no longer needed
Workers demand more money through unions
6
What is the term for people losing jobs because they are replaced by technology?
Cyclical unemployment
Structural unemployment
Fixed unemp,Lyme t
Cam Cecil
7
True or false: “Cost push” inflation is caused by too much money following too few goods
False
True
8
True or false: inflation refers to rising prices at any given time
False
True
9
“Cost push” inflation is due to
All of the above
Increase in raw material cost
increase in labor cost
Increase in energy cost
10
What is scarcity?
Limitation of a nation’s resources
When a nation has too few resources
How much GDP a nation makes
Economic growth
11
Who would be considered unemployed?
A man looking for a job but not working
A woman who does freelance sushi making
Ben Hammar
A CEO who’s about to get fired
12
GDP can be calculated all of the following ways EXCEPT:
Independent
Income
Output
Expedentiary
13
Is real GDP a good indicator of quality of life?
Not by itself
Yes, it provides the correct information
14
A lifeguard not working in the winter is an example of what unemployment?
Cyclical
Frictional
Fixed
Structural
15
True or false: nominal rate of interest is any rate below 3%
True
False
16
Which type of unemployment has the biggest effect on the economy?
Structural
Cyclical
Industrial
frictional
17
The labor force includes all of the following types of people except
Willing
above 16
Able bodied
Students
18
Unemployment caused by recession is called
Unstable
Seasonal
fixed
Cyclical
19
What is recession?
A decrease in production due to increase in decrease of GDP
A period of temporary increase in GDP and trade
A period of temporary decline in trade and GDP
Patrick Miller
20
Which is not an economic goal?
Economic growth
Limit unemployment
Bigger businesses
Keeping prices stable
