Exam 5: An Introduction To Macroeconomics

Aggregate demand and supply curves have been widely used to analyze the performance of the macroeconomy.Figure 5-3 shows four diagrams that represent different changes in the macroeconomy.Choose the diagram that best represents the situations described in the following questions. Figure 5-3 -Which graph in Figure 5-3 best represents the economic conditions of the American economy in 2001?

Microeconomics focuses on ____; macroeconomics concentrates on ____.

Abstract terms like "cost of living" and "price level" are meaningless to ordinary individuals.

If hot dogs cost $2 this year and $3 next year,then 100 hotdogs will contribute

In economics,aggregation refers to

If aggregate demand keeps shifting rightward month after month and aggregate supply remains constant,the economy will experience a recession.

Aggregation involves adding together different products and services.

You are a collector of antique coins.You purchase a silver dollar minted in 1898.Is this sale included in GDP for the current year?

Real GDP differs from nominal GDP in that nominal GDP measures

Aggregate demand and supply curves have been widely used to analyze the performance of the macroeconomy.Figure 5-3 shows four diagrams that represent different changes in the macroeconomy.Choose the diagram that best represents the situations described in the following questions. Figure 5-3 -Which graph in Figure 5-3 best represents the favorable macroeconomy of the late 1990s?

China is the world's largest wheat producer.If China's domestic product grew by eleven percent in the previous year,it implies that

Nominal GDP is calculated by using

John Maynard Keynes wrote The General Theory of Employment,Interest,and Money (1936)to

Define and distinguish between real and nominal GDP.Explain why the distinction is important to economists.

How does the calculation of GDP include the costs of natural resource depletion that occurs when output is produced?

Describe some of the steps used to combat inflation.What are their side-effects?

The stagflation in the United States during the 1974-1975 period can be attributed to

During the Great Depression of the 1930s,unemployment peaked at _____%.

The first year of the Bush administration in 2001 could be represented as a(n)

Aggregate demand and supply curves have been widely used to analyze the performance of the macroeconomy.Figure 5-3 shows four diagrams that represent different changes in the macroeconomy.Choose the diagram that best represents the situations described in the following questions. Figure 5-3 -Which graph in Figure 5-3 best represents the aggregate demand-induced Great Depression of the 1930s?