Exam 5: What Macroeconomics Tries to Explain

Aggregation is the process of combining different things into a single category.

During which decade were John Maynard Keynes' ideas challenged?

Output per person rises when

Economists monitor economic growth by keeping track of

If the economy is currently experiencing a high unemployment rate,the greatest cost is

Since the late 1970s which of the following groups has become worse off?

Rapid economic growth is important because it

Recessions can sometimes last less than a single year.

Inflation and unemployment are examples of macroeconomic topics.

-Refer to Figure 5-1 above.If the economy reaches point B on the graph,it is going through a(n)

The United States has never experienced double-digit inflation.

If the rate of economic growth is positive,then everyone becomes better off.

In the 1980s,several ________________ countries experienced inflation rates of thousands of percent per year.

Increases in the general price level are primarily a macroeconomic issue.

Seemingly positive disagreements often have normative origins.

The inflation rate

The group of economists who believed that the macroeconomy worked very well on its own were

How many times in the last 80 years has the official unemployment rate in the United States reached 0 percent?

-Refer to Figure 5-1 above.If the economy moves from point A to B on the graph,it is going through a(n)

If the unemployment rate has reached an all-time low,the production of output is probably