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Macroeconomics Theory and Practice

Showing 1-75 of 133 answers

______ Latin term that used in economics means all other non-price factors that affect the amount we consume or produce do not change.

Ceteris ParibusCorrect Correct

________ represent a cost to not only individuals but also the macroeconomy or reduce overall economic efficiency in that they represent an unnecessary cost of transforming resources into final goods and services.

Menu costsCorrect Correct

_________ is a very small increase of decrease in the quantity of some variable.

Marginal changeCorrect Correct

_________ is the level of output at which the labor market is at its natural rate of unemployment.

Full Employment OutputCorrect Correct

_________ represents a combination of percentage change and marginal analysis.

ElasticityCorrect Correct

__________ a variable that depends on the value of the independent variable(s) can be seen in the left side of the equation.

Dependent variableCorrect Correct

__________ is also referred to as a direct relationship. As the value of X increases, the value of Y increases.

PositiveCorrect Correct

__________ is an advantage of a person who can produce a good or service with fewer resources than another person.

AbsoluteCorrect Correct

__________ is described as a fixed-weight price index (also referred to as a Laspeyres price index), which measures the cost of a fixed basket of goods relative to a base period

current-year total cost of market basket of goods and services / base-year total cost of market basket of goods and services Correct

__________ is when many suppliers and many consumers engaged in trade without interference from government.

Competitive Free MarketCorrect Correct

__________ Unemployment is associated with business cycles and, more particularly, with temporary downturns in the economy

CynicalCorrect Correct

___________ = (Number Unemployed / Labor Force) * 100

Unemployment RateCorrect Correct

___________ = Labor Force / Civilian Non institutional Population * 100

Participation RateCorrect Correct

___________ a legal requirement that maintains the market price above the equilibrium price.

Price FloorCorrect Correct

___________ as the price of a good or service increases the quantity you would be willing and able

Law of SupplyCorrect Correct

___________ is a legal requirement that maintains the market price below the equilibrium price.

Price CeilingCorrect Correct

___________ is a term used to denote a very high rate of inflation.

HyperinflationCorrect Correct

___________ is also known as the Implicit GDP Deflator or Implicit Price

Nominal (current-dollar) GDP /Real (constant-dollar) GDP * Correct

___________ is nominal wage corrected for the average level of prices.

Real wageCorrect Correct

___________ is the amount of labor demanded by firms at a given real wage rate.

Labor Demand CurveCorrect Correct

___________ relates to the effect that a small or unit change one variable has on another variable.

Marginal analysisCorrect Correct

____________ a graph that indicates all possible combinations of two goods or services that can be produced within an economy given the full and efficient use of all available resources.

Production Possibilities curveCorrect Correct

____________ is when we specialize and both benefit after the exchange

Positive sum gameCorrect Correct

_____________ unemployment arising from frictional, structural, and seasonal unemployment, further as described as the unemployment rate that coexists with macroeconomic stability.

Natural Rate of UnemploymentCorrect Correct

______________ - average output per hour of labor (e.g., total real GDP divided by the total number of labor-hours worked)

ProductivityCorrect Correct

______________ is a movement along a fixed supply curve in response to a change in the price of that good, ceteris paribus (everything else unchanged).

Change on Quantity SuppliedCorrect Correct

______________ is the characteristic of money or currency where it can be used as a medium of exchange for any good or service.

General Purchasing PowerCorrect Correct

__________________ - the market value of final goods and services (i.e., sold to final

Nominal Gross Domestic Product (GDP) Correct

_____________________- the market value of final goods and services produced by labor and property supplied by the residents of a nation during a specific period, usually 1 year.

Nominal Gross National Product (GNP) Correct

_____________________- the market value of final goods and services produced by labor and property supplied by the residents of a nation during a specific period, usually year

Nominal Gross National Product (GNP)Correct Correct

____________________the amount by which the value of a firm's finished products exceeds the value of goods and services the firm purchases

Value AddedCorrect Correct

____________consists of transactions that are not documented for various reasons.

Underground economyCorrect Correct

___________, as more scarce resources are used to increase production of one good or service, production of another good or service falls by larger and larger amount.

Increase Opportunity CostCorrect Correct

___________if a person can produce a good or service with lower opportunity cost than can another

Comparative advantageCorrect Correct

___________is the amount that the quantity demanded exceeds the quantity supplied when the market price is below the equilibrium price.

ShortageCorrect Correct

___________is the quantity of goods and services that can be purchased with a given amount of money; the value of money

Purchasing PowerCorrect Correct

__________- percentage rate of increase in the price index per period.

Inflation RateCorrect Correct

__________as the price of a good or services increases, the quantity you would be willing and able to purchase during some period of time declines.

Law of DemandCorrect Correct

__________as the shift of the supply curve in response to a change in one of the variables assumed to be held constant under the ceteris paribus assumption (e.g., technology), holding the good's price constant.

Change in SupplyCorrect Correct

__________is the amount that the quantity supplied exceeds the quantity demanded when the market price is above the equilibrium price.

SurplusCorrect Correct

__________is the measure of the average level of prices for some specified bundle of goods and services, relative to the prices in a specified base year

Price IndexCorrect Correct

__________is the price at which the quantity demanded is equal to the quantity supplied. Other things being unchanged, there is no tendency for this price to change.

Equilibrium PriceCorrect Correct

A _______ is the opposite situation of a price ceiling.

Price floorCorrect Correct

A _______is a collection of suppliers and consumers engaged in trade.

MarketCorrect Correct

A legal requirement that maintains the market price below the equilibrium price.

Price Ceiling Correct

A line showing X and Y pair is referred as ____________.

CurveCorrect Correct

A market is in _______ when the quantity demanded is equal to quantity supplied at the market price.

EquilibriumCorrect Correct

A market is in ______________ when the quantity demand is equal to quantity supplied at the market price.

EquilibriumCorrect Correct

A period of decline in total output, income, employment, and trade, usually lasting from six months to a year.

RecessionCorrect Correct

A recession that is major both in scale and duration.

DepressionCorrect Correct

A shift of the demand curve in response to a change in one of the variables assumed to be held constant under the ceteris paribus assumption (e.g., income), holding the good's price constant.

Change in DemandCorrect Correct

According to __________, that if more of the time is spent in one activity then you must invest your resources to develop specialized tools or machines to aid me in my task.

SmithCorrect Correct

Accurately describes historical outcomes, and It must make reasonable predictions about the results of future observations.

Good Economic ModelCorrect Correct

An increase in income leads to a decrease in demand (the demand curve shifts to the left).

Inferior GoodCorrect Correct

An increase in income leads to an increase in demand (the demand curve shifts to the right).

Normal GoodCorrect Correct

Analysis of the behavior of an economy as a whole.

MacroeconomicsCorrect Correct

Analysis of the behavior of individual decision-making units (individuals, households, firms).

MicroeconomicsCorrect Correct

Another problem with the unemployment rate as a measure of overall labor activity is that the employed may not be working as much as they would like

TRUECorrect Correct

Cartesian coordinate system is not the usual graphical representation.

FALSECorrect Correct

Ceteris paribus, means

Other things being equalCorrect Correct

Civilian Non institutional Population - persons 16 years of age and older who are not inmates of institutions

TRUE Correct

Civilian Non institutional Population - persons years of age and older who are not inmates of institutions

TRUECorrect Correct

Common characteristics in each of the relationship of two variables is that the change in independent variable X produces a change in dependent variable Y and represented in a math equation.

TRUECorrect Correct

Compute the opportunity cost , where 10 mobile phones is to 5 Simcards.

The correct answers are: _________ simcard., 1/2 Correct

Compute the opportunity cost , where mobile phones is to Simcards

The correct answers are: _________ simcard, /Correct Correct

Consumer Price Index (CPI) includes

Only goods and services purchased by households included Quantities fixed (the market basket) Imports (of consumer goods) included Correct

Consumer Price Index=Only goods and services purchased by households included Quantities fixed (the market basket) Imports (of consumer goods) included.

TRUE Correct

consumers) produced by a nation during a specific period, usually 1 year.

consumers) produced by a nation during a specific period, usually 1 year. Correct

consumers) produced by a nation during a specific period, usually year

consumers) produced by a nation during a specific period, usually yearCorrect Correct

Cost-Push Inflation - caused by an increase in the costs of production of goods and services.

TRUECorrect Correct

Deflation = Decrease in average level of prices

TRUE Correct

Deflation Rate = Price Index Year 2 - Price Index Year 1 /Price Index Year 1 * 100

Price Index Year - Price Index Year /Price Index Year * Correct

Demand-Pull Inflation - caused by an increase in aggregate demand for goods and services.

TRUECorrect Correct

Economic growth is

The change in the physical output of an economy, typically measured as the change in Real GDPCorrect Correct

GDP Deflator = Nominal (current-dollar) GDP /Real (constant-dollar) GDP * 100

TRUE Correct