Exam 1: Introduction to Macroeconomics

Canadian imports are goods and services

The main reason Canada has such a high standard of living is

The process of adding together individual economic variables to obtain economywide totals is called

Positive analysis of economic policy

Canadian exports are goods and services

The inflation rate is the

The Keynesian approach to macroeconomics assumes that

A country has a trade surplus when

When national output declines, the economy is said to be in

The primary factor that caused most economists to lose their faith in the classical approach to macroeconomic policy was

A closed economy is a national economy that

The exchange rate is

In Canada, monetary policy is determined by

The critical assumptions behind the idea of Adam Smith's invisible hand are

Critics of the government's fiscal policies have argued that government deficits

Canada is considered as one of the

In 2005, DAMA's exports were $30 billion, imports $40 billion, and real GDP $200 billion. DAMA had a trade ________ equal to ________ of GDP in 2005.

Adam Smith's idea of the "invisible hand" tries to convey the idea that while there are free markets and people conduct their economic affairs in their own best interests,

What are the four major areas in which macroeconomists work? Give an example of a job in each.

Equilibrium in the economy means