Exam 16: Macroeconomics: The Birds Eye View of the Economy

"Privatization of government owned industries is a more desirable way to operate an economy" is a ________ statement about ________ policy.

Which of the following is a macroeconomic policy?

If living standards in a country, as measured by output per person, increase, then total output must have:

In both Gamma and Delta average labor productivity is $20,000 per worker per year. The population of Gamma is 200,000 and the population of Delta is 400,000. Sixty percent of the population in each country is employed. Total output in Gamma is ________ and total output in Delta is ________.

Average consumption in an economy is best measured by ________, while average productivity in an economy is best measured by ________.

Normative analysis:

After increasing at more than 2 percent per year between 1950 and 1973, the growth rate of average labor productivity ________ between 1973 and 1995, and ________ between 1996 to 2007.

In Econland total output is $8 billion, population equals 500,000 people, and, of these, 400,000 are employed workers. Output per person in Econland equals ________ and average labor productivity equals ________.

The central bank of the United States is called:

Output per person must be ________ output per worker.

In Econland population increased from 1 million to 1.1 million, the number of employed workers increased from 500,000 to 600,000, but average labor productivity decreased from $20,000 per worker per year to $19,000 per worker per year. Total output in Econland ________ and the average standard of living ________.

The unemployment rate in the United States at the peak of the Great Depression was ________ percent.

"Social Security should be privatized to get the government out of the retirement-financing business," is an example of a ________ statement about ________ policy.

A cost of aggregation is that: