Exam 22: An Introduction to Macroeconomics

In March 2015, many college students bet on the NCAA finals in dorm gambling pools.This is an example of

Which of the following would be counted in the U.S.GDP for 2015?

Large sport utility vehicles (SUVs) add significantly to air pollution because they do not have to meet passenger auto emission standards.The purchase of an SUV

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

Aggregation involves adding together different products and services.

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

Nominal GDP includes the current value of services produced in the economy.

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

One major effect of the Great Depression was

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

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

In economics, aggregation refers to

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

Mitsubishi Corporation of America builds a car in Normal, Illinois, and ships it to Japan for sale.In which country's GDP is this production included?

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

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

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

If the government uses stabilization policies to reduce inflation, the economy may have to suffer

In the past 100 years the U.S.economy has primarily experienced

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