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BMAL 590 MACROECONOMICS EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS VERIFIED

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BMAL 590 MACROECONOMICS EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS VERIFIED An economic recession refers to: a period, typically two consecutive quarters, during which aggregate output declines Deflation refers to: a decrease in the overall price level. Macroeconomics is the branch o...

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  • October 7, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • bmal 590 macroeconomics exam questions and answers

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BMAL 590 MACROECONOMICS EXAM QUESTIONS

AND ANSWERS WITH COMPLETE SOLUTIONS

VERIFIED
An economic recession refers

to:


a period, typically two consecutive quarters, during which aggregate output declines


Deflation refers to:


a decrease in the overall price level.


Macroeconomics is the branch of economics that deals with:


the economy as a whole


The school of economic thought that argues that price and wage rigidities do not provide the only

reasoning for an active macroeconomic policy framework is referred to as:


Neo-Kenesians


The primary driver for the emergence of macroeconomics theory as we know it today was the failure

of:


the classical model to explain the prolonged existene of high unemployment during the great

depression.


The approach that uses monetary policy to stabilize the economy is known as:

, fine tuning of demand


According to Keynesian theory, the level of unemployment is determined by:


the level of aggregate demand for goods and services


Assume you are an author and your book is priced at $9.95. The publisher expects to sell 5,000 copies

at this price. Suppose the publisher decides to offer the book at $8.95, the publisher can expect to sell:


more than 5,000 copies


At a price of $99.95, the manufacturer of a popular herbal supplement is willing to produce 10,000

packed units of the supplement. At a price of $149.95, it is likely that he manufacturer would be

willing to produce:


more than 10,000 packed units


If ultrabook manufacturers are producing ultrabooks faster than people want to buy them:


there is an excess of supply and price may be expected to decrease


Disposable income is that part of a household's income remaining after deduction of:


income tax


Total consumption divided by total income would give us:


the average propensity to consume


In which of the following situations would we be likely to observe an increase in the equilibrium price

and decrease in the equilibrium quantity?


If supply falls even as demand increases, and the fall in supply is greater than the increase in demand.

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