Exam 5: An Introduction to Macroeconomics

Part of the good economic performance of the United States in the 1990s can be explained by a rightward-shifting aggregate supply curve.

Stabilization policy is the name given to government economic policies designed to

In economics,aggregation refers to

From the end of World War II until the present,the price level has

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

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

In 1981,the Reagan administration employed a policy that included tax ____ while at the same time the Federal Reserve's strategy was to combat ____.

The most severe depression in the United States was the 30 percent decrease in real GDP that occurred between

An example of an abstraction used in macroeconomics is

How do macroeconomists differ from microeconomists?

Since countries differ in the amount of economic activity that is transacted in organized markets,

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

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

A real estate salesperson sells a house in 2011 that was built in 2005.How does this transaction get counted in the GDP statistics?

What is an aggregate? How is it used in macroeconomics? Give two examples of specific aggregates that are used in the study of macroeconomics.

During the Great Depression of the 1930s,how much did output fall between 1929 and 1933?

Which of the following is counted in GDP?

Figure 5-1 -Figure 5-1 plots potential and real output for a hypothetical economy.Based on this graph,the recession occurred

Figure 5-2 -In Figure 5-2,if the aggregate demand curve shifts outward over time,the economy will

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