Exam 5: An Introduction To Macroeconomics

A period in which the price level is rising is experiencing

Individuals live and work in both individual and aggregate economic entities.

The Iranian Revolution in 1979 led to another interruption of oil supplies to the United States.This caused the reoccurrence of

Economists define an aggregate as

The composition of demand and supply in various markets is not important to the question of inflation..

If aggregate demand shifts inward over a long period of time,with aggregate supply held constant,the economy should experience

In March 2015,many college students bet on the NCAA finals in dorm gambling pools.This is an example of

During the first year of the Bush administration in 2001,the American economy

During economic fluctuations,individual markets usually move in different directions.

Economic aggregates are not observable in the "real world."

In The General Theory of Employment,Interest,and Money,Keynes rejected the idea that

In 2015,Richard buys a 2003 Chevrolet minivan from a neighbor.Will this be counted in the GDP for 2015?

The Italian government collects a smaller amount of the taxes it is owed than the U.S.government.Other things being equal,

Figure 5-2 -In Figure 5-2,if the aggregate demand curve shifts outward over time,the economy will

Gross Domestic Product includes the sale of intermediate goods and services.

Which of the following is a true measure of national output?

Suppose that in 2015 you paid $150,000 for a house that was built in 2005 and sold that year for $210,000.The amount this transaction would add to the GDP in 2015 is

International per capita GDP comparisons are misleading when countries involved differ greatly in

Gross Domestic Product is the

Real GDP values current output of goods and services at their current prices.