stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
3 - Unit 3 (FCHS - Fall 2024) Flashcards | StudBud
Explore
/
3 - Unit 3 (FCHS - Fall 2024)
3 - Unit 3 (FCHS - Fall 2024)
27 terms
·
StudBud Administration
·
785 plays
Macroeconomics
Flashcards
27 cards
F
Practice quiz
P
Host live
L
Questions
27
Answers
1
The market value of all final goods & services produced in a country in a given period of time.
Gross Dollar Prices
Gross National Product
Gross Domestic Product
Gross Production Ratio
2
Inflation that occurs because the price of essential raw materials or wages has incr. is called
demand-pull inflation
cost-push inflation
deflation
price drop inflation
3
A person who cleans their own house takes part in
reducing GDP
stimulating GDP
nonmarket transaction
the underground economy
4
C + I + G + (X-M) - which letter represents the largest sector of the macroeconomy
G
C
I
X
5
Toll-booth cashier becomes unemployed when a machine does his job better. He is ___ unemployed.
Structurally (structural)
Cyclically (cyclical)
Not Counted as Unemployed
Frictionally (frictional)
6
Which of the following would be counted in this year's GDP?
fixing my own car
the purchase of a used car
buying stocks
the sale of a new house
7
Retail profits fell leading to the termination of a part-time cashier. Cashier is _ unemployed.
Frictionally (frictional)
Cyclically (cyclical)
Structurally (structural)
Not Counted as Unemployed
8
During periods of unexpected inflation, people who previously borrowed:
lose to lenders, who become more eager to make loans.
lose-they repay loans after higher prices erode real income.
gain because they repay loans with cheaper dollars.
should repay loans as quickly as possible.
9
When calculating GDP, the purchase of a new business office is counted as
consumption
net export
goverment
investment
10
Index of avg level of prices for approx. 90,000 goods and services in the economy is the ___
implicit GDP price deflator.
current GDP.
consumer price index.
producer price index.
11
Which order shows the major market structures from most competitive to least competitive:
pure/perfect, oligopoly, monopolistic competition, monoply
pure/perfect, monoply, oligopoly, monopolistic competition
pure/perfect, monopolistic competition, monoply, oligopoly
pure/perfect, monopolistic, oligopoly, monoply
12
You graduated from COLLEGE and are currently looking for your 1st job. You are ___ unemployed.
Not Counted as Unemployed
Structurally (structural)
Frictionally (frictional)
Cyclically (cyclical)
13
To be counted in the civilian labor force, a person must be
already employed and between the ages of 16 and 65.
employed or looking for work, and age 16 and over.
male and more than 18 years old.
female and a member of the military
14
An effect of inflation
people on fixed incomes have decreased purchasing power
cost of a raw material, such as oil, unexpectedly increases
consumers, bus. & govts buy more goods than can produce
people speculate heavily to take advantage of rising prices
15
A business fires 75% of their employees in '08 b/c of recession. Employees are ___ unemployed.
Not Counted as Unemployed
Structurally (structural)
Frictionally (frictional)
Cyclically (cyclical)
16
There are always workers who are in the process of changing jobs, so there is always some ____
structural unemployment
technological unemployment
cyclical unemployment
frictional unemployment
17
advance in producing capital goods shown by shift the production possibilities curve from AB to
GH
CD
EB
AF
18
Which component of GDP can be a negative number?
net migration
consumer spending
net exports
investment spending
19
Which line represents the flow of goods & services?
3
1
4
2
20
GDP expressed in constant—or unadjusted for inflation—prices could also be referred to as
Real GDP
Aggregate Demand
Nominal GDP
Aggregate Supply
21
Economists like to convert statistical series to real terms (i.e. real GDP) b/c the adjustment
is easy to do.
removes the distortions caused by inflation.
removes the problem of unemployment.
makes the statistical series seem to grow faster.
22
When Coca-Cola buys a shipment their secret ingredient it is considered to be
a secondhand item.
a final sale.
an intermediate product.
a nonmarket transaction.
23
Employment figures understate the extent of unemployment because they include
part-time jobs at minimum wage.
homemakers without income.
students in secondary schools.
retirees on pensions.
24
Choose the correct letter on the graph that represents a recession.
X
Y
Z
W
25
If intermediate goods and services were included in GDP:
nominal GDP would exceed real GDP.
GDP would be overstated.
GDP would have to be deflated for changes in price level.
GDP would be understated.
26
What's the effect of an increase in automobile worker wages on the market for automobiles?
supply & demand increase
supply & demand decrease
supply increases, demand decreases
supply decrease, demand increases
27
Which phase of the business cycle would the economy experience its lowest rate of unemployment?
peak
depression
recession
trough
