Exam 5: An Introduction to Macroeconomics

The election campaign of George Bush to succeed Ronald Reagan as president was

Two of the most important macroeconomic issues are unemployment and inflation.

In contrast to the typical Republican Party laissez-faire policies,President Richard Nixon in 1971 introduced

The recession of 1973-1975 was unusual in that both inflation and unemployment increased at the same time.This suggests that the primary cause of the recession was an

A good produced in 2009 and held in inventory until it is sold in 2010 would be included in which measure of GDP?

"Underground" economic activity can best be described as

Is GDP an accurate measure of a country's well being?

Before the Great Depression of the 1930s,most economists believed that

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

An economist who studies the sales and profits of a large corporation would be classified as a(n)

Growth in GDP systematically understates the growth in national well being because

Gross Domestic Product is a dollar measure of

Macroeconomic models use abstract concepts such as "price level" and "national income" that are calculated by combining many markets into one.This process is known as

Production for war and environmental clean-up services are not included in GDP.

A recession is a period during which

The stagflation in the United States during the 1974-1975 period can be attributed to

If Honda (a Japan-based firm)produces a car in Ohio and exports it to Japan,in which country's GDP will the car be counted?

Intermediate goods,like milk sold by a farmer to a supermarket,are

Economic fluctuations in the United States have been less extreme since the 1950s.

The clearest sign of economic growth is a(n)