Exam 20: Introduction to Macroeconomics

The demand for auto mechanics increased in the summer of 2016, but the starting wages paid to auto mechanics was still the same at the end of 2016. This is an example of a

A period of very rapid increase in the overall price level is known as

Mike purchased a 1968 Chevy Corvette in 2009 for $30,000 and a year later he sold it for $36,000. Due to these transactions

An increase in the value of an asset over the price initially paid for it is a

If Congress decreases government spending, it is using

In a business cycle, the end of a recession is represented by

The period in the business cycle from a ________ to a ________ is called a recession.

Which of the following is a topic studied in Macroeconomics?

A prolonged and deep recession is called

A transfer payment is the tax one pays when transferring real estate.

Macroeconomics

A dividend is

The phrase used by Walter Heller to refer to the government's role in regulating inflation and unemployment is

If the labor force is 200 million and 4 million are unemployed then the employment rate is

The Employment Act of 1946 committed the federal government to intervening in the economy to prevent large declines in output and employment.

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

If output is rising and unemployment is falling, the economy must be in a(n)

When the government changes taxes and spending, it is implementing

In which of the following markets are funds demanded and supplied?

An increase in the overall price level is known as