Exam 19: What Macroeconomics Is All About

On a graph showing real national income on the vertical axis and time on the horizontal axis,the fluctuations of real national income around the trend -line would indicate the

If nominal national income increased by 10% over a certain period of time while real national income increased by 20%,then

The table below provides macroeconomic data for a hypothetical economy.Dollar amounts are all in constant-dollar terms. TABLE 19-1 -Refer to Table 19-1. In the year 2012, it is probably the case that workers are ________ and factories are________.

Which of the following is the best description of the business cycle?

Assume that Sarah agrees to lend $100 to Sam for one year.Sam agrees to pay Sarah $110 at the end of the year.If inflation over that one year is 7%,what real rate of interest does Sarah earn on her $100?

The table below provides macroeconomic data for a hypothetical economy.Dollar amounts are all in constant-dollar terms. TABLE 19-1 -Refer to Table 19-1.In which years was this economy experiencing an inflationary gap?

An output gap with Y < Y*

Suppose Canadaʹs exchange rate with the U.S.dollar increases from 1.14 to 1.22.Which of the following is likely to happen?

Consider an economy in which existing capital is being used at a high degree,shortages in labour and goods markets are developing,and costs are rising.Which of the following terms best describes this stage of the business cycle?

Most economists believe that the single largest cause of rising material living standards over long periods of time is

The table below provides macroeconomic data for a hypothetical economy.Dollar amounts are all in constant-dollar terms. TABLE 19-1 -Refer to Table 19-1. In the year 2014, it is probably the case that workers are ________ and factories are________.

If 0.75 U.S.dollars can be exchanged for one Canadian dollar,we say that the Canadian -U.S.exchange rate is

As the banking industry becomes more and more automated,tellers find themselves with unneeded skills and some of them become unemployed.At the same time,software engineers are in increasing demand.These unemployed tellers would be classified as

In order to determine the economyʹs real GDP growth rate between two time periods,we should look at

Suppose that in 2016 Canadaʹs automobile manufacturers produced 2 million cars priced at $20 000 each.And in 2017 they produced 1 million cars priced at $40 000 each.Ceteris paribus,the change in nominal national income is

The table below provides macroeconomic data for a hypothetical economy.Dollar amounts are all in constant-dollar terms. TABLE 19-1 -Refer to Table 19-1.What is the unemployment rate when this economy is at ʺfull employmentʺ?

If one Canadian dollar can be exchanged for 0.5 euros,we say that the Canadian -euro exchange rate is

A nationʹs real national income in a given year measures the

When macroeconomists use the term ʺrecessionʺ they usually define it as a fall in real GDP that lasts for at least

Suppose that a price index for a certain basket of goods and services has a value of 150 in 2015 and a value of 156 in 2016.This index suggests that the cost of the market basket of goods and services