Exam 5: Introduction to Macroeconomics

Refer to the information for this hypothetical economy provided in Table 5.1 below to answer the questions that follow. Table 5.1 2010 2011 2012 -Refer to Table 5.1.The period from after the fourth quarter of 2010 until before the first quarter of 2012 can be categorized as a period of

Unemployment generally ________ during recessions and ________ during expansions.

In the U.S.economy,the inflation rate in 1975 peaked at ________ percent.

In which basic market would DVDs be traded?

If 20 million workers are unemployed and 180 million workers are employed,then the unemployment rate is

The government implements fiscal policy when it changes

In the goods-and-services market,households

In a business cycle,a trough represents the end of

If the labor force is 50 million and 48 million are employed then the unemployment rate is

A capital gain is

Refer to the information for this hypothetical economy provided in Table 5.1 below to answer the questions that follow. Table 5.1 2010 2011 2012 -Refer to Table 5.1.In this economy,a peak existed around the

In the circular flow diagram,firms ________ labor and households ________ goods and services.

Related to the Economics in Practice on p.417: John Steinbeck's The Grapes of Wrath is set in the early 1930s.During this time,the U.S.economy was primarily in the ________ phase of the business cycle,culminating in the Great Depression.

Unemployment means that

The unemployment rate equals

Deflation occurs when

Keynes believed that expansionary fiscal policy could help get an economy out of an inflation.

A transfer payment is the tax one pays when transferring real estate.

Related to the Economics in Practice on p.417: F.Scott Fitzgerald's The Great Gatsby is set in the "Roaring '20s." This decade in U.S.history was characterized by

According to Keynes,the level of employment is determined by