Exam 5: An Introduction to Macroeconomics

Describe some of the steps used to combat inflation.What are their side-effects?

If aggregate demand shifts outward over a long period of time,with aggregate supply held constant,the economy should experience

In terms of macroeconomic conditions,the 1930s were the "good old days."

In March 2011 many college students bet on the NCAA finals in dorm gambling pools.This is an example of

The international organization most responsible for rising prices during the 1970s was

When the Art Institute of Chicago purchases a painting by Mary Cassatt that she produced in Paris in 1885,this would not be included in the U.S.GDP for 2011.

Gross Domestic Product is the

If a woman marries her housekeeper,GDP would remain constant.

The macroeconomic conditions during the mid-1990s confounded many economists because of the simultaneous occurrence of

A product that is produced in 2010 and not sold until 2011 will be counted in the GDP for

In 2001 the United States and its NATO allies dropped millions of dollars' worth of bombs on Afghanistan.These bombs and the aircraft from which they were dropped

Gross Domestic Product accurately measures the environmental costs of producing all goods and services.

General Motors Corporation (a U.S.-based firm)produces a Saab vehicle in Sweden,and sells it in the United States.In which country's GDP is it included?

In response to significant economic problems,the Obama administration recommended

Discuss some of the fundamental differences between microeconomics and macroeconomics.

In the early 1980s,the economy experienced high unemployment with falling inflation.

Government policy to reduce unemployment and increase national output can be illustrated by an

In 2001,the first year of the Bush administration,Americans learned that recessions were a thing of the past.

In the 1960s,U.S.economy experienced

Consider the economic effects of the September 11,2001 terrorist attacks.Which of the following statements is correct?