Exam 20: Introduction to Macroeconomics

Refer to the information for this hypothetical economy provided in Table 20.1 below to answer the question(s) that follow. Table 20.1 2014 2015 2016 -Refer to Table 20.1. Which of the following quarters can be associated with inflation?

Since 1970, the U.S. economy has experienced 2 recessions.

Which of the following statements is false?

In the circular flow diagram everyone's expenditure is someone else's cost.

Policies designed to affect the quantity of money are

In a business cycle, the end of an expansion is represented by

Which of the following is a topic studied in Macroeconomics?

To bring the economy out of an inflationary period, Keynes argued that the government should

John Maynard Keynes' most notable published work is entitled

Microeconomics is concerned with

Suppose the economy suffers a high rate of inflation. According to Keynesian economists, the government should decrease employment by

Between a peak and a trough, the economy goes through a(n)

Corporate profits distributed among shareholders are called

According to ________, the level of employment is determined by the level of aggregate demand for goods and services.

The ________ can change the quantity of money in the economy.

The suppliers in the goods-and-services market are

In the Classical model, the level of employment is determined by the level of aggregate demand.

Unemployment means that

In the United States between 1933 and 1937, aggregate output

In the United States in 1933, ________ people were unemployed.