Exam 22: An Introduction to Macroeconomics

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

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

Stagflation can be defined as a combination of ____.

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

Gross Domestic Product is a dollar measure of

Real GDP is another term for

During the Great Depression of the 1930s, unemployment peaked at _____%.

Economic aggregates are not observable in the "real world."

The tax cut of 2001 turned out to be well-timed because it caused a

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

An example of an intermediate good would be a(n)

An increase in aggregate demand will result in inflation.

Individuals live and work in both individual and aggregate economic entities.

Gross Domestic Product is best described as the

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

The movements of real GDP and inflation during the 1973-1975 recession can be best explained by a:

The supply-side policies of the Reagan and Bush administrations led to high levels of

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

How do macroeconomists differ from microeconomists?

The period from 1983 to 1990 was characterized by