Intermediate Macroeconomics Exam Practice Questions and Answers Rated A+
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Course
Macroeconomics
Institution
Macroeconomics
Intermediate Macroeconomics Exam Practice Questions and Answers Rated A+
output - Answers the level of production of a country as a whole
output growth - Answers the rate of change of output
unemployment rate - Answers the ratio of the number of people who are unemployed to the number of people ...
Intermediate Macroeconomics Exam Practice Questions and Answers Rated A+
output - Answers the level of production of a country as a whole
output growth - Answers the rate of change of output
unemployment rate - Answers the ratio of the number of people who are unemployed to the number of
people in the labor force
inflation rate - Answers the rate at which the average price of goods in the economy is increasing over
time
Gross Domestic Product - Answers the value of final goods and services produced in the economy in a
given time period
intermediate good - Answers a good used in the production of another good
Gross Domestic Product - Answers the sum of the value added in the economy in a given period
Gross Domestic Product - Answers the sum of incomes in the economy during a given period of time
value added - Answers the value of production minus the value of the intermediate goods used in its
production
nominal GDP - Answers the sum of the quantities of final goods produced times their current price
real GDP - Answers the sum of the quantities of final goods produced times constant prices
employment - Answers the number of people who have a job
unemployment - Answers the number of people who don't have a job and are looking for one
labor force - Answers the sum of employment and unemployment: L = N + U
discouraged workers - Answers people in the labor force who give up looking for a job due to high
unemployment
participation rate - Answers the ratio of the labor force to the total population of working age
inflation - Answers a sustained rise in the price level
inflation rate - Answers the rate at which the price level increases
GDP deflator - Answers in year t, Pt is defined as the ratio of nominal GDP to real GDP in year t: Pt =
(nominal GDPt)/(real GDPt) = ($Yt)/(Yt)
consumer price index - Answers the average price of consumption (cost of living); represents the
consumption basket of a typical urban consumer
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