Exam 21: An Introduction to Macroeconomics

Illegal gambling on the NCAA Final Four would be included in GDP.

When Sarah watches her baby sister each Saturday, gross domestic product increases.

The basic organizing framework for both microeconomic and macroeconomic models 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

A real estate salesperson sells a house in 2015 that was built in 2005. How does this transaction get counted in the GDP statistics?

Technological change, such as the information technology revolution of the 1990s can shift the aggregate supply curve outward. If, at the same time, the government is decreasing spending, the most likely outcome of these two factors is a(n)

You are a collector of baseball cards. In 2018, you purchase a Madison Baumgartner baseball card printed in 2012. This baseball card

A rightward shift in the aggregate demand curve is most likely to result in

In the United States during the period from 1870 to 1940, the price level was most likely to

Define the following terms and explain their importance to the study of macroeconomics: a. Aggregation b. Recession c. Gross domestic product d. Final goods and services e. Stabilization policy

Mitsubishi Corporation of America builds a car in Normal, Illinois, and ships it to Japan for sale. In which country's GDP is this production included?

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

In the period of U.S. economic history known as the Great Depression, the rate of inflation was generally

You can generally distinguish an aggregate supply-caused recession from an aggregate demand-caused recession because

Inflation refers to an increase in the

If a macroeconomist aggregates many markets into one, then