In what order does the business cycle progress?

Recession, Trough, Recovery, Peak

Which of the following is included in GDP calculations?

Lenovo building 100 laptops that do not sell this year

Income tax cut causes what

Right Shift to Aggregate Demand

Which of the following is not included in GDP calculations?

Toyota buys 3 tons of steel to use for car frames

Who is not considered Unemployed

Michael, who stopped looking for work after 6 months

What is Macroeconomics?

The study of the large economy as a whole

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Macro Economics

20 termsStudBud Administration3,177 plays

A review of macro-economy from what we learned 3rd quarter

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Questions 20

Answers

1
Long-run Aggregate supply is most likely to increase as the result of:
Increase in Aggregate Demand
Increase in Real Interest Rate
Increase in Unemployment Rate
Increase in Capital Investment
2
In what order does the business cycle progress?
Peak, Recovery, Recession, Trough
Recession, Peak, Trough, Recovery
Recovery, Trough, Recession, Peak
Recession, Trough, Recovery, Peak
3
Which of the following is included in GDP calculations?
Lenovo building 100 laptops that do not sell this year
Spending a week doing yard work
Toyota buys 3 tons of steel to use for car frames
Buying a 1965 Ford Mustang in perfect condition
4
Which category makes up the largest part of GDP
Government Spending
Net Exports
Firm Investments
Household Consumption
5
What is real wage
Wages earned by workers in the secondary sector
Wages adjusted for inflation
Wages in one country relative to another country
Wages after taxes
6
Income tax cut causes what
Left shift to Aggregate Demand
Right Shift to Aggregate Demand
Right Shift to Aggregate Supply
Left Shift to Aggregate Supply
7
Which of the following is not included in GDP calculations?
Buying a new hose
Lenovo building 100 laptops that do not sell this year
Buying a new 2017 Toyota Prius
Toyota buys 3 tons of steel to use for car frames
8
What does Xn measure in GDP?
Exports plus Imports
Imports minus Exports
Exports minus Imports
Exports only
9
Which of the following can cause a shift in Aggregate Supply
Change in Net Export Spending
Change in Excise Taxes
Change in Investment Spending
Change in Consumer Spending
10
Which government intervention could cause shortages
taxes on company profits
subsidies to producers
specific indirect taxes
maximum price control
11
What base year is the CPI compared to?
1982
1974
1863
2000
12
What is Real GDP
Raw GDP without any adjustments
GDP adjusted for Price Changes
GDP
13
Which of the following causes a change to occur in the Consumer Price Index?
Taxes on goods
New products
Improved quality of goods
Changes in consumption pattern
14
Which causes aggregate demand to shift to the right
Raise of Oil Prices
Consumer and Firm's Fear of Recession
Expectation of Rapid Inflation
Increase in Labor Productivity
15
Who is not considered Unemployed
Kyle who got fired for tardiness, currently looking for work
David, who fixes VCRs, no longer has customers
Michael, who stopped looking for work after 6 months
Sarah in the summer, who works in Winter Wonderland
16
What is Macroeconomics?
The study of individuals and firms
The study of the large economy as a whole
17
Which is not a major economic goal?
Full Employment
Price Stability
Promoting Economic Growth
Technological Advancement
18
Which form of unemployment is affected by the Business Cycle
Seasonal
Structural
Frictional
Cyclical
19
What causes Cost-Push Inflation?
Increase in cost of production
Decrease in Cost of Production
Increase in Productivity
Decrease in Productivity
20
Which change would cause the size of a country's labor force to increase?
decrease in unemployment
Decrease in net immigration
increase in retirement age
increase in school leaving age

Macro Economics Flashcards | StudBud