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Test Bank for Macroeconomics: Midterm 11th Edition by N. Gregory Mankiw
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Test Bank for Macroeconomics: Midterm 11th Edition by N. Gregory Mankiw
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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
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