Exam 5: An Introduction to Macroeconomics

An increase in aggregate demand is most likely to result in

The major difference between nominal GDP and real GDP is that

Microeconomics focuses on ____; macroeconomics concentrates on ____.

The 1960s are remembered by most economists as a period of

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

E&S Cooling Co.installs air conditioning systems in new houses for homebuilders,and replacement systems for homeowners.Sales of which systems are included in this year's GDP?

One of the initial problems facing the newly elected President Clinton was a large budget deficit.

Gross Domestic Product is an economic aggregate that represents the

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

Amazon.com,an Internet retailer of books,buys a shipment of economics textbooks from a publisher.Is this included in GDP?

According to Keynes,a pessimistic outlook causes consumers and businesspersons to ____,and a recession could occur.

The Iranian Revolution in 1979 led to another interruption of oil supplies to the United States.This caused the reoccurrence of

In 2011,Richard buys a 2003 Chevrolet minivan from a neighbor.Will this be counted in the GDP for 2011?

The key characteristic of macroeconomics is the process of aggregation.

Does GDP for a particular year include items produced in a previous year?

The significantly high rates of inflation in the 1970s occurred,in part,

While their respective subject matters differ greatly,both microeconomists and macroeconomists rely on the same basic tools; that is,both rely on

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)

Technically speaking,in what year did the "Great Recession" end?

Aggregate demand and supply curves have been widely used to analyze the performance of the macroeconomy. Figure 5-3 shows four diagrams that represent different changes in the macroeconomy. Choose the diagram that best represents the situations described in the following questions. Figure 5-3 -Which graph in Figure 5-3 best represents the aggregate demand-induced Great Depression of the 1930s?