Exam 19: What Macroeconomics Is All About

Suppose that a price index for a certain basket of goods and services has a value of 150 in 2009 and a value of 156 in 2010. This index suggests that the cost of the market basket of goods and services

To compare the economy's aggregate output in two different time periods, economists compare the

Consider a small economy with real GDP of $1 billion and the number of workers employed equal to 2500. Which of the following is the best measure of labour productivity in this economy?

Suppose that a country's population is 30 million and it has a labour force of 15 million people. Assuming it has 1.35 million people unemployed, the country's unemployment rate is

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

Consider a small economy with 2500 employed workers who worked a total of 5 million hours at an average wage of $40 per hour. Which of the following is the best measure of labour productivity in this economy?

The Canadian exchange rate is defined to be the

If the Canadian dollar exchange rate increases, the

During the 1970s, Canada experienced an unusual pattern of interest rates. During this period

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, computer programmers are in high demand. These unemployed tellers would be classified as

If a country's labour force is 15 million people, and 500 000 of those are unemployed, the country's unemployment rate is

If the cyclical unemployment rate is greater than zero, then the

Which of the following is the best example of frictional unemployment?

The real interest rate must be

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

In macroeconomics, the term "national income" refers to

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

If the cyclical unemployment rate is negative, then the

A worker is considered unemployed if that worker has no job, is legally eligible to work,

the rate of unemployment.