Exam 21: An Introduction to Macroeconomics

The Great Depression lead many to question the economy's ability to self-correct.

Figure 5-1 ​ -A period in which the price level is rising is experiencing

An example of an intermediate good would be a(n)

The basic organizing framework for both microeconomic and macroeconomic models is

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

The supply-side policies of the Reagan and Bush administrations led to high levels of

Gross domestic product accurately measures the environmental costs of producing all goods and services.

China is the world's largest wheat producer.If China's real gross domestic product grew by 11 percent in the previous year, it implies that

The worst post-World War II recession in the United States occurred in

"Underground" economic activity can best be described as

The price controls on consumer goods during World War II led to

The horizontal axis on the aggregate demand-aggregate supply model measures

In the 1960s, U.S.economy experienced

Stagflation is the simultaneous occurrence of inflation and high unemployment.

Figure 5-2 ​ -In Figure 5-2, if the aggregate demand curve moves to the right less rapidly than the aggregate supply curve, then

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

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

Corrected for inflation, the real GDP was only about _____ times greater in 2014 than in 1959.

In macroeconomics, the vertical axis in a supply-demand model measures the price level rather than a particular product's price.

In response to the "Great Depression 2.0," the Obama administration responded with more tax cuts, increased federal spending, and aid to state and local governments.