Exam 1: The Science of Macroeconomics

A graph of the unemployment rate of the United States over the twentieth century shows

How does the distinction between flexible and sticky prices impact the study of macroeconomics?

The unemployment rate:

The inflation rate is a measure of how fast:

Macroeconomics is:

An assumption of is more plausible for studying the short-run behavior of the economy, while an assumption of is more plausible for studying the long-run, equilibrium behavior of the economy.

Two striking features of a graph of U.S. real GDP per capita over the twentieth century are the:

In an economic model:

In a simple model of the supply and demand for pizza, when aggregate income increases, the price of pizza and the quantity purchased .

The study of the economy as a whole is called:

Which of the following statements about economic models is true?

In a simple graphical model of the supply and demand for pizza with the price of pizza measured vertically and the quantity of pizza measured horizontally:

During the period between 1900 and 2000, the unemployment rate in the United States was highest in the:

In a simple model of the supply and demand for pizza, the endogenous variables are:

The assumption of flexible prices is a more plausible assumption when applied to price changes that occur:

Which of the following is the best example of a flexible price?

A graph of the rate of inflation in the United States over the twentieth century shows:

All of the following are types of macroeconomics data except the:

Macroeconomists are like scientists because they both:

Macroeconomic models are used to explain how variables influence variables.