Your browser does not support JavaScript!

Macroeconomics Theory and Practice

Showing 76-132 of 132 answers

GDP Per Capita
  • Total GDP/Total PopulationCorrect Correct
Goods and services those are scarce. There is an opportunity cost involved in their use or consumption.
  • Economic Goods and ServicesCorrect Correct
Hyperinflation is generally caused by governments printing money to finance large fiscal deficits caused by wars, revolutions, the establishment of new states, or exorbitant social programs.
  • TRUECorrect Correct
In Demand Curve Shifts, a change in any of these will cause the demand to curve shift to the right or left, when the demand curve is shifting to the right. The rightward shift is called ___________________.
  • Increase in demandCorrect Correct
Independent variable can be seen in the _______________ of the equation.
  • RightCorrect Correct
Intangible but useful activities that are valued by people.
  • ServicesCorrect Correct
Is the number of unemployed individuals divided by the total of those employed and unemployed total labor force.
  • Unemployment RateCorrect Correct
Labor is a service that is supplied by individuals and demanded by firms.
  • TRUECorrect Correct
Law of Demand Ceterus Paribus
  • Everything else unchangedCorrect Correct
Macroeconomics is analysis of the behavior of an economy as a nation.
  • TRUECorrect Correct
Microeconomic demand and supply curves depend on differences in ________ prices
  • RelativeCorrect Correct
Net Domestic Product (NDP) = C + In + G + NX = GDP - depreciation
  • C + In + G + NX Correct
One of the Macroeconomic objectives is to develop better laws and government policies to maximize welfare of the society.
  • TRUECorrect Correct
Percent Change in (P x Q) = (Percent Change in P) + (Percent Change in Q)
  • (Percent Change in P) + (Percent Change in Q) Correct
Percent Change in (Q/L) = (Percent Change in Q) - (Percent Change in P).
  • (Percent Change in Q) - (Percent Change in P) Correct
Percentage decline in the average level of prices.
  • Deflation RateCorrect Correct
Percentage increase in the average level of prices.
  • Inflation RateCorrect Correct
Percentage of Change = ending value- starting value /starting value x 100.
  • ending value- starting value /starting value x Correct
Political Science is the study of mankind in the ordinary business of life.
  • FALSECorrect Correct
Price Index = current-year total cost of market basket of goods and services / base-year total cost of market basket of goods and services
  • TRUE Correct
Production Costs = opportunity costs of resources required (e.g., cash costs) to change prices.
  • opportunity costs of resources required (eg, cash costs) to change prices Correct
Quantity of goods and services that can be purchased with a given amount of money.
  • Purchasing PowerCorrect Correct
Real GDP - value of total output corrected for any changes in prices. Also referred to as "constant-dollar" GDP.
  • TRUECorrect Correct
Real GDP is reported quarterly by the Bureau of Economic Analysis
  • Real GDP is reported quarterly by the Bureau of Economic AnalysisCorrect Correct
Recession is
  • A period of decline in total output, income, employment, and trade, usually lasting from six months to a yearCorrect Correct
Recurrent, systematic fluctuations in the level of business activity, often characterized by changes in growth rate of real GDP.
  • Business CycleCorrect Correct
Structural Unemployment - dynamic labor force in a stable economy with imperfect information.
  • FALSECorrect Correct
Tangible things that satisfy people's wants and desires.
  • GoodsCorrect Correct
The _______ is a graphic representation of the market demand schedule and the Law of Demand
  • Demand curveCorrect Correct
The __________ is a graphic representation of the market supply schedule and the Law of Supply
  • Supply curveCorrect Correct
The fundamental method of exchange is ____________.
  • BarterCorrect Correct
The GDP Deflator is described as a variable-weight price index (also referred to as a Paasche price index)
  • TRUECorrect Correct
The market interest rate that is paid by borrowers to lenders.
  • Nominal Interest RateCorrect Correct
The market value of final goods and services (i.e., sold to final consumers) produced by a nation during a specific period, usually 1 year.
  • Nominal Gross Domestic Product (GDP)Correct Correct
The market value of final goods and services (ie, sold to final consumers) produced by a nation during a specific period, usually year
  • consumers) produced by a nation during a specific period, usually yearCorrect 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 point where the curve crosses the vertical axis is referred as ____________.
  • InterceptCorrect Correct
The production possibilities curve is often referred to as a ___________.
  • FrontierCorrect Correct
The test of a proposition or theory using actual observations or numbers is
  • Empirical Study Correct
The test of a proposition or theory using actual observations or numbers is called _______.
  • Empirical StudyCorrect Correct
Things that are available in sufficient amounts to satisfy all possible needs. There is no opportunity cost involved in their use or consumption.
  • Free GoodsCorrect Correct
Transfer Payment - a payment made for which no goods or services are provided in return. Transfer payments are excluded from _______.
  • GDPCorrect Correct
Understanding measures of Elasticity is critically important in Microeconomics, references to Elasticities are infrequent in Macroeconomics
  • TRUECorrect Correct
Unemployment Rate (percent) = Unemployed/Total Labor Force * 100
  • Unemployed/Total Labor Force * Correct
We can represent a single person's decision about how many items to purchase over a year in a table called a _______.
  • Demand scheduleCorrect Correct
What approach that measures total economic activity by adding the amount spent by allultimate or final consumers of products and service?
  • Expenditure approachCorrect Correct
What do you call the hours (not rendered) beyond government mandated 40 hour work week
  • Leisure time Correct
What do you call the hours (not rendered) beyond government mandated hour work week
  • Leisure timeCorrect Correct
What is the value of total output (nominal GDP) corrected for any changes in prices.
  • Real GDPCorrect Correct
What kind of resources in which examples are petroleum, natural gas, coal, and nonfuelminerals extracted from the ground is included in GDP in the products produced from them
  • Non Renewable Natural ResourcesCorrect Correct
When many suppliers and many consumers (competitive) engaged in trade without interference from government (free).
  • Competitive Free MarketCorrect Correct
When the amount that the quantity demanded exceeds the quantity supplied when the market price is below the equilibrium price.
  • ShortageCorrect Correct
When the amount that the quantity supplied exceeds the quantity demanded when the market price is above the equilibrium price
  • SurplusCorrect Correct
When the average level of prices declines, this is called _________.
  • DeflationCorrect Correct
When the average level of prices increases over time the economy is said to be experiencing _______________.
  • InflationCorrect Correct
When the government increases money supply faster than the economy is growing you generally end up with deflation.
  • FALSECorrect Correct
When the price of resources in the production process increases, firms try to pass on these increases to the product price this is called ________.
  • Pushed PricesCorrect Correct
All courses