Exam 5: Introduction to Macroeconomics

In which basic market would MP3 players be traded?

Prices that do not always adjust rapidly to maintain equality between quantity supplied and quantity demanded are

Which of the following is a correct statement?

Keynes believed that contractionary fiscal policy could help to slow down increases in unemployment.

Since 1970, the U.S. economy has experienced two

Which of the following statements is false?

The demanders in the goods-and-services market are

Related to the Economics in Practice on p. 98: F. Scott Fitzgerald's The Great Gatsby is set in the 1920s. During the 1920s, the U.S. economy was primarily in which phase of the business cycle?

Unemployment generally rises during ________ and falls during ________.

Aggregate behavior is

According to the Classical model, unemployment

Monetary policies are designed to affect the

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

In a business cycle, a trough represents the end of

Hyperinflation refers to a(n)

According to Keynes, aggregate supply determines the level of economic activities in the economy.

In which basic market would DVDs be traded?

Since 1970, the highest inflation rate in the U.S. occurred in

Related to the Economics in Practice on p. 98: 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.

Refer to the information for this hypothetical economy provided in Table 5.1 below to answer the questions that follow. Table 5.1 2014 2015 2016 -Refer to Table 5.1. The period from after the fourth quarter of 2014 until before the first quarter of 2016 can be categorized as a period of