Exam 5: An Introduction To Macroeconomics

While their respective subject matters differ greatly,both microeconomists and macroeconomists rely on the same basic tools; that is,both rely on

Gross Domestic Product is an economic aggregate that represents the

"Underground" economic activity can best be described as

Technically speaking,in what year did the "Great Recession" end?

The tax cut of 2001 turned out to be well-timed because it caused a

Government policy to reduce unemployment and increase national output can be illustrated by an

Is GDP an accurate measure of a country's well being?

Figure 5-2 -The economy in the period 1950 to 1998 behaved differently than the economy in the 1870 to 1940 time period.Economists explain this difference

Inflation refers to an increase in the

GDP consistently measures the output of goods and services in all countries.

The vertical axis of the aggregate demand-aggregate supply model measures the amount of

The election campaign of George Bush to succeed Ronald Reagan as president was

Discuss some of the fundamental differences between microeconomics and macroeconomics.

If Honda (a Japan-based firm)produces a car in Ohio and exports it to Japan,in which country's GDP will the car be counted?

In the aggregate demand-aggregate supply model,economic growth can be illustrated by an

Which of the following transactions would be included in GDP for 2015?

During economic fluctuations,markets tend to move

The clearest sign of economic growth is a(n)

The main reason that President Clinton was forced to revise his campaign promise to cut taxes was that,in 1993,he faced a large

The basic organizing framework for both microeconomic and macroeconomic models is