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Cards In This Set
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Thestudy of aggregate economic behavior is referred to as
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Macroeconomics
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Alternating periods of growth and contraction
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Business cycles
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Which of the following is a basic measure of macroeconomic performance
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Output growth unemploymentinflation
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Which is of the following is a downturn in the business cycle
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Higher unemployment rates
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Which of the following is true during the expansionary phase of the business cycle
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Real GDP increases
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As the economy falls from the peak to the trough of the business cycle
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Cyclical unemployment should increase and real GDP should decline
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The total value of goods and services produced within a nations boarders measured in constant prices refers to the
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Real GDP
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A decline in an economy's level of output can lead to
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A lower standard of loving
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A decline in the real gdp for at least two consecutive quarters is referred to as
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Recession
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Which of the following is likely if an economy is in a recession or headed for 1"?
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A decrease in consumer confidencea decrease in the rate of inflationan increase in unemployment
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If the population of a country is 1000000 people its labor force consists of 800000 and 80000 people are unemployed the unemployment rate is
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unemployment rate
unemployment rate= number of unemployed /size of labor force =80000/80000 = 10% |
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A stock person who is laid off by a department store because retail stores across the country have decreased is_______________unemployed.
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Cyclically
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Full employment in the U.S. economy means
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The total employment rate has been reduced to zero
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Inflation is defined as
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An increase in the average level of prices
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Inflation functions as a redistribution mechanism because people
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Have different abilities and incomes
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