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Macroeconomics Midterm Game quiz Flashcards | StudBud
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Macroeconomics Midterm Game quiz
Macroeconomics Midterm Game quiz
35 terms
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StudBud Administration
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348 plays
This Game quiz will test your knowledge on the subject of Business Cycles, Unemployment & Inflation
Flashcards
35 cards
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Practice quiz
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Questions
35
Answers
1
The agency responsible for compiling the National Income Product Accounts for the U.S. economy is the
Bureau of Economic Research
Bureau of Labor Statistics
Bureau of Economic analysis
Bureau of Public Records
2
GDP can be found by summing
C
+
Ig
+
Ge
+
Xn
True
False
3
A price floor in a competitive market will result in persistent shortages of a product
False
True
4
A peak in the business cycle is a temporary maximum point
False
True
5
Cyclical Unemployment is
The Unemployment rate/labor force
Hatred from the employer
An underemployed unhappy worker
The result of a recession or drop in the business cycle
6
All of the following are macroeconomic goals all governments seek to achieve EXCEPT
Growth over time
Stable prices
Low unemployment
Stagnant GDP
7
For an economy to increase investment, it must
increase bonds
increase savings
increase consumption
increase imports
8
Economic consequences of unemployment are
Personal problems
Social problems
Loss of real GDP
Loss of tax revenue for Govt.
9
Command systems are also known as laissez-faire
True
False
10
Who are hurt the LEAST by inflation?
lending institutions
people living on fixed incomes
those who owe large amounts of money
the rich also cry
11
What are the different types of of Unemployment?
Frictional, racial, and Structural
Frictional, Structural, and Inflation.
Frictional, Cyclical, and hate.
Frictional, Structural, Cyclical
12
An auto mechanic who fixes his own car at home is recorded in calculating this year's GDP.
False
True
13
Structural Unemployment refers to:
Loss of jobs due to obsolete skills
Loss of jobs due to employer's hatred
Loss of jobs due to extremely hot weather
Loss of jobs due to changes in climate/seasonal conditions.
14
Shoes are considered as Durable goods
False
True
15
The government agency responsible for collecting and reporting unemployment data is the
Bureau of Economic Analysis
Bureau of Labor Statistics
Bureau of Unemployment
Bureau of Economic Research
16
Which is NOT part of the business cycle?
Peak
Expansion
Blast
Recession
17
The labor force includes
employed workers and persons who are underaged
employed workers and persons who are officially angry
employed workers and persons who are unhappy
employed workers and persons who are officially unemployed.
18
The unemployment rate is calculated by :
labour force / number of employed x 100
Population size / workforce size x 1000
number of workers / number of jobs x 100
number of unemployed / labour force x 100
19
A nation's gross domestic product (GDP)
C + I + G + Xm
C + Ig + Ge+ Xn
C + Ig + G + Xn
C + Ig + G + Xm
20
Cuba is an example of a Command economy
False
True
21
The phase of the business cycle in which real GDP is at a minimum is called
a recession
the underside
the trough
the peak
22
What part of the business cycle is this?
Survival
Hanging in there
Recession
Depression
23
What can high inflation lead to?
Loss in purchase power, lower real interest rates for savers
higher nominal interest rates for borrowers
increased purchasing power, and lowered domestic competition
Increase in tariffs and government destabilzation
24
Real GDP per capita can grow either more slowly or more rapidly than real GDP
True
False
25
Unanticipated inflation benefits debtors at the expense of creditors
False
True
26
What kind of inflation does this show?
Demand Pull Inflation
Disinflation
Cost Push Inflation
Staginflation
27
In drawing a particular budget line, money income and the prices of the two products are fixed
False
True
28
Making choices based on comparing marginal benefits with marginal costs is referred to as Marginal analysis
True
False
29
Macroeconomic policy is NOT about
Making a profit
Exchange Rates
Limiting unemployment
Keeping prices stable
30
The term "laissez-faire" suggest that government should interfere with the operation of the economy
True
False
31
Copyrights and trademarks are examples of public goods
true
i don't know
false
maybe
32
Julie's summer traveling before beginning a job with a consulting firm in Fall is an example of structural unemployment.
False
True
33
The phase of the business cycle in which real GDP declines is called
the peak
an expansion
a recession
the trough
34
When demand shocks lead to recessions, it is mainly due to
the inability of government policy to affect demand
price inflexibility
unexpected changes in the supply of goods and services
unexpected changes in the supply of goods & services
35
Tax revenues automatically decrease during economic expansions and increase during recessions
False
True
