Exam 20: Introduction to Macroeconomics

Workers are demanded and supplied in the

The trend of the economy is

Macroeconomics is concerned with the market price and equilibrium quantity of each good or service.

In the circular flow diagram, the different payments made by ________ to ________ include wages, rent and profits.

The ________ affecting the supply of money is known as monetary policy.

Microeconomics is best described as the study of

According to the Classical economists, the economy

Promissory notes include

In the United States in 1929, ________ people were unemployed.

According to Keynes, the government's role during periods when private demand is low is to stimulate aggregate demand and, by so doing, lift the economy out of recession.

Since 1970, the U.S. economy has experienced ________ period(s) of high inflation.

If the central bank increases the money supply, it is conducting

A capital gain is

If Congress increases government spending, it is using

Celine purchased 5,000 shares of stock for $500,000. A year later the stock is valued at $650,000. Instead of selling the stock, Celine held onto it for another year. Which of the following is true?

Classical economists believed that economic slowdowns are self-correcting.

Hyperinflation refers to a(n)

Unemployment implies that in the labor market

The United States economy has yet to simultaneously experience high inflation and high unemployment.

Before the Great Depression, economists applied microeconomic models to economy-wide problems.