Exam 5: Introduction to Macroeconomics

We should most likely expect a recession if the Leading Economic Index:

The Leading Economic Index is produced by:

A business cycle is:

Which of the following components is not used to measure GDP using the income approach?

We are most likely to see a recession if interest rates on long-term bonds are _____ and interest rates on short-term bonds are _____.

GDP measures the final value of goods and services produced to avoid the problem of:

Which phase of the business cycle occurs immediately after a recovery?

The National Bureau of Economic Research:

The expenditure category that accounts for the largest share of GDP is:

The Leading Economic Index fell in July and August, rose in September, and fell again in October. Based on this, we should expect a recession in the near future.

At the peak of the business cycle, the economy is typically operating:

A business cycle recovery that doesn't reach its long-term trend can lead to:

When the economy hits the bottom of the business cycle, this is called a:

Which of the following is NOT a problem in using GDP to measure standards of living?

According to the circular flow model, the value of the household sector and the value of the business sector will:

Which of the following events has significantly influenced the development of macroeconomic ideas?

National income and product accounts came about in the United States during the 1930s as a result of:

The _____ let(s) economists judge our nation's economic performance, compare U.S. income and output to that of other nations, and track the economy's condition over the course of the business cycle.

In 1933, Congress directed the _____ to develop estimates of "total national income for each of the calendar years 1929, 1930 and 1931. . . ."

The GDP of the country Econia is $100 billion with the following components: C = $50 billion, I = $15 billion, G = $30, and (X - M) = $5 billion. Which of the following would have the largest immediate impact to increase Econia's GDP?