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Macro Econ Flashcards | StudBud
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Macro Econ
Macro Econ
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Macro Review W/ random questions
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
In a recession ________________ economists would call for government intervention
Expo
Classical
Keynesian
Forensic
2
If short run aggregate supply increased, the price level would ________
increase
normalize
decrease
stabilize
3
The consumer price index measures ___________
demand
supply
inflation
stocks
4
The unemployment rate is based on the number of unemployed workers in the _____________
tariff
labor union
population
labor force
5
When workers collectively agree
not
to work as a means of fighting for better pay it's called:
lockout
strike
boycott
arbitration
6
If the size of the labor force increased, the potential GDP for an economy would________
remain the same
increase
decrease
stabilize
7
True or False: Full Employment means there is zero unemployment.
False
True
8
The big 3 things people work for are: wages, fringe benefits, and _______
health
obligation
to pay taxes
intrinsic reward
9
The U.S. government lowers taxes: This is what type of policy?
Expansionary, Fiscal
Contractionary, Fiscal
Expansionary, Monetary
Contractionary, Monetary
10
This economic theory aims at solving long term issues by allowing the economy to fix itself
Dutch
Keynesian
Phillips
Classical
11
If aggregate demand increased in an economy, the price level would _________
normalize
stabilize
increase
decrease
12
The only factors that can cause long run aggregate supply to shift are factors of _____________
love
demand
price
production
13
What state grows the most Christmas Trees?
Oregon
Alaska
California
Washington
14
In a Christmas Story, why was Ralphie told he couldn't get a Red Ryder BB Gun?
He'll shoot his eye out
He's a pacifist
too expensive
He was too old
15
According to the Phillips Curve, there is an inverse relationship between inflation and ______
GDP
Unemployment
Mediation
Love