Macroeconomics correct answers The branch of economics that studies the economy as a whole
1) Slowing/rising production in the economy
2) Rising/falling unemployment in the economy
3) Inflation/Deflation in the economy correct answers Macroeconomics examines the causes and consequences of:
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ECON 203 Quiz #2 || with 100% Errorless Answers.
Macroeconomics correct answers The branch of economics that studies the economy as a whole
1) Slowing/rising production in the economy
2) Rising/falling unemployment in the economy
3) Inflation/Deflation in the economy correct answers Macroeconomics examines the causes and
consequences of:
Gross Domestic Product (GDP) correct answers Value of all new production in a nation (or
region) in a given period of time.
Gross Domestic Product (GDP) correct answers What is the most commonly-used measure of
national production?
Potential GDP (YF) correct answers Highest amount of production that an economy can achieve
and sustain; based on resource base.
Recession correct answers Actual GDP falls for two consecutive quarters or more.
Depression correct answers Prolonged, deep decline in GDP
Individual correct answers GDP is a gauge of economic well-being of a nation/region, but not
necessarily _______ well-being
Labor Force correct answers All persons, 16 years or older, that are employed or actively seeking
employment.
Unemployment Rate correct answers Percentage of the labor force that is unemployed.
Frictional Unemployment correct answers Enough jobs, but haven't found job yet. Happens
because job search takes time.
Structural Unemployment correct answers Enough jobs, a mismatch between skills and jobs.
Happens because economy grows/ changes.
Demand-Deficient Unemployment correct answers Not enough jobs for all actively seeking
employment (unhealthy economy).
1) Frictional Unemployment
2) Structural Unemployment
3) Demand-Deficient Unemployment correct answers Three types of unemployment
Natural Rate of Unemployment correct answers The amount of unemployment consistent with
potential GDP.
, Demand-Deficient correct answers Any unemployment above the natural rate is due to _______
unemployment.
Equals correct answers If economy is at full employment, the unemployment rate ______ the
natural rate.
Price Level (P) correct answers An aggregate measure of prices in the economy.
Inflation correct answers The price level rises.
Inflation correct answers Purchasing power of money falls
Deflation correct answers The price level falls
Deflation correct answers Purchasing power of money rises
Nominal Value correct answers A value measured in current dollars.
Nominal Value correct answers _______ does not account for changes overtime
Real Value correct answers A value measured in constant dollars overtime.
Real Value correct answers Inflation-adjusted value - accounts for changes overtime.
Nominal or Real correct answers Important to distinguish whether a value is ________
Consumer Price Index (CPI) correct answers Measures price changes of goods the typical
household buys
Consumer Price Index (CPI) correct answers Most widely used measure of inflation
Basket of Goods correct answers Government calculates CPI by identifying a "________" the
typical household buys
Basket of Goods, typical household buys correct answers Categories: food, clothing, housing,
transportation, entertainment and other consumer basics
Real GDP (Y) correct answers The real value of all new production in an economy in a given
time period
Price Level (P) correct answers An overall measure of prices of goods and services produced in
the economy
Aggregate Demand (AD) correct answers Represents the demand side of the economy and shows
the relationship between P and Y demanded
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