Exam (elaborations)
Test Bank for Macroeconomics: Midterm 11th Edition by N. Gregory Mankiw
- Course
- Institution
Test Bank for Macroeconomics: Midterm 11th Edition by N. Gregory Mankiw
[Show more]
Content preview
Test Bank for Macroeconomics:Midterm 11th Edition by N. Gregory
Mankiw
When is the output gap negative? - ANSWhen Potential GDP > Real GDP
A measure of both the incomes and expenditures of an economy is? - ANSGross Domestic
Product
The calculation for the GDP deflator is? - ANS(Nominal GDP/Real GDP) x 100
The three factors of production include? - ANSLand, Labor, Capital
What is the indicator of the maximum quantity of goods that can be efficiently produced by an
economy? - ANSProduction Possibilites Frontier
The __________ means that the total income must equal the total expenditure. -
ANSEquilibrium
The fluctuations in output, employment, financial conditions, and prices are called? -
ANSBusiness Cycle
What is the percentage change in the overall level of prices from one year to the next? -
ANSInflation Rate
Which of the following is not one of the basic models that economists use to explain how a
complex, real world works?
a. The Circular Flow Diagram
b. The Business Cycles Model
c. Consumer Price Basket
d. The Production Possibility Frontier - ANSConsumer Price Basket
What is the market value of all final goods and services produced within a country in a given
period of time? - ANSGross Domestic Product
Which of the following compares prices of all goods and services produced inside the country?
a. Consumer Price Index
b. Producer Price Index
c. GDP Deflator
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller AllLegitExams. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75759 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now