Exam 5: Introduction to Macroeconomics

A recession is associated with a negative rate of growth of the economy.

An expansion is usually associated with rising price levels.

The demand for corn has increased in May without any change in supply.Eight months later there still has been no change in corn prices.This is an example of a

In which of the following markets are funds demanded and supplied?

Which of the following is a topic studied in Macroeconomics?

Stagflation occurs when the economy's inflation rate is high and

The period in the business cycle from a trough to peak is called a(n)

A dividend is

In the circular flow diagram,households demand ________ and supply ________.

It has become conventional to classify an economic downturn as a recession when aggregate output declines for

The demand for massage therapists declined in the spring of 2012,but the starting wages paid to massage therapists was still the same at the end of 2012.This is an example of a

The concept of "market clearing" is adopted and defended by

All business cycles are symmetric-the length of an expansion is the same as the length of a recession.

In the Classical model,the level of employment is determined by the level of aggregate demand.

Aggregate behavior is

Contractionary fiscal policy includes raising taxes.

According to Classical economists,if the quantity of labor demanded exceeds the quantity supplied,there is a

"Fine tuning" is any government attempt to regulate inflation or unemployment.

A period during which aggregate output rises is known as a(n)

The following is a correct order in a business cycle: recession,trough,peak,expansion.