Exam 5: An Introduction To Macroeconomics

Aneta has owned an Italian sports car for several years and now she wants to sell it.She paid $8,500 for it in 1993 and she has just sold it for $39,000 in 2015.How is this sale included in the GDP for 2015?

The 1960s are remembered by most economists as a period of

In the past 100 years the U.S.economy has primarily experienced

The key characteristic of macroeconomics is the process of aggregation.

One of the initial problems facing the newly elected President Clinton was a large budget deficit.

Economist John Maynard Keynes wrote that the economy naturally gravitates toward smooth growth and high levels of employment. ​

The definition of Gross Domestic Product is

Usually,increased government spending for war increases inflationary pressures.The principal reason that inflation occurred during the Vietnam War and not during World War II was the existence,during World War II,of

Macroeconomic models use abstract concepts such as "price level" and "national income" that are calculated by combining many markets into one.This process is known as

Business cycles in the United States after World War II have been

In 1981,the Reagan administration employed a policy that included tax ____ while at the same time the Federal Reserve's strategy was to combat ____.

The most severe depression in the United States was the 30 percent decrease in real GDP that occurred between

Nominal GDP is another term for

Supply and demand provides the basic explanatory framework for constructing both microeconomic and macroeconomic models.

In 2015,you buy a beautiful vintage 1965 Thunderbird convertible.This purchase would