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Macroeconomic Objectives Flashcards | StudBud
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Macroeconomic Objectives
Macroeconomic Objectives
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Answers
1
In a recessionary gap, Yp (potential output) is _____ Ye (equilibrium output).
unrelated to
equal to
greater than
less than
2
The flat (horizontal) portion of the Keynesian aggregate supply curve is due to
the law of supply.
wage price inflexibility.
neoclassical economics.
resources being utilized past the point of Yp.
3
The purchasing power of one U.S. dollar has _________ since 1980.
decreased
increased
only slightly varried
remained constant
4
What type of inflation did Germany experience after WWI?
creeping inflation
disinflation
deflation
hyperinflation
5
Who benefits (in the short run) from inflation?
folks on fixed incomes
creditors
borrowers
savers
6
What is a healthy annual rate of inflation?
1-2%
under 10%
2-3%
4-6%
7
In order to measure the rate of inflation, we must first determine
the aggregate supply.
the consumer price index.
the gross domestic product.
the market basket.
8
What is on the x-axis for aggregate supply and aggregate demand diagrams?
price
real GDP
price level
quantity
9
This measurement can help us predict future price increases for consumer goods and service.
PPI
CPI
GNI
GDP
10
The U.S. workforce is defined as the number of people who are
employed, working one or more hours.
unemployed and employed.
employed in a job which maximizes the use of resources.
over the age of 16.
11
Which sector of GDP spending is the greatest?
Net Exports
Government Spending
Investment
Consumption
12
Which type of unemployment is not included in the natural rate of unemployment?
frictional unemployment
demand-deficient unemployment
seasonal unemployment
structural unemployment
13
Which is
NOT
an explanation for why the aggregate demand curve is downward sloping?
Interest Rate Effect
The Price Level Effect
International Trade Effect
The Wealth Effect
14
In an inflationary gap, the natural rate of unemployment is __________.
Greater than 10%
4-6%
7-10%
0-4%
15
A college graduate looking for her first job is
seasonally unemployed
cyclically unemployed
frictionally unemployed
structurally unemployed
16
Which of the following would
NOT
cause a shift in SRAS?
Changes in household indebtedness
Changes in business taxes
Supply shocks
Changes in input prices
17
LRAS could increase over time, meaning that LRAS would
slope downward.
slope upward.
move to the left.
move to the right.
18
Keynesian graphs do not acknowledged which component of the neoclassical model?
PL
AD
SRAS
LRAS
19
The core rate of inflation seeks to
measure a greater basket of goods.
eliminate energy and food price fluctuations.
eliminate price change from luxury good purchases.
put an emphasis on energy and food prices.
20
Who is the best economics teacher?
Mr. Clifford (ACDC Economics)
Ellie T.
Mrs. Wood
mjmfoodie
