Test Bank Solution Manual for Macroeconomics; The Big Picture Already Passed
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Macroeconomics
Test Bank Solution Manual for Macroeconomics; The Big Picture Already Passed
Output - Answers Long-run economic growth is the sustained upward trend in the economy's _____ over time.
Inflation - Answers A rising overall level of prices is called:
Microeconomics - Answers An attempt to understan...
Test Bank Solution Manual for Macroeconomics; The Big Picture Already Passed
Output - Answers Long-run economic growth is the sustained upward trend in the economy's _____
over time.
Inflation - Answers A rising overall level of prices is called:
Microeconomics - Answers An attempt to understand the reasons that the football coach's salary is
greater than the history professor's salary at Western University is an example of a question of:
Begins to decrease - Answers After the trough of the business cycle, the unemployment rate:
The economy is experiencing inflation. - Answers The statement "Gas prices have not changed, food
prices are up 5%, and housing prices are up 10%" describes a situation in which:
acting virtuously at the microeconomics level by spending less may result in an adverse macroeconomic
outcome, because this behavior may result in a lower level of aggregate economic production. - Answers
The paradox of thrift illustrates that:
short run in nature. - Answers Economic recessions and economic expansions are:
increases; decreases - Answers In the short run, inflation _____ during expansions in the business cycle
and inflation _____ during contractions in the business cycle.
Fiscal and monetary policy may be helpful in reducing short term economic fluctuations in the economy
caused by adverse economic events. - Answers Below are four statements about microeconomics and
macroeconomics. Which one is true?
Please choose the correct answer from the following choices, and then select the submit answer button.
expansion - Answers In the last three quarters of the year, a country's GDP (gross domestic product)
level is measured at $12 trillion, $12.5 trillion, and $13.2 trillion. Based on this data, the economy is in
the _____ phase of the business cycle.
Faster than - Answers If an economy's ability to produce goods and services grows _____ the
population, then this economy's standard of living will increase over time
a trade surplus. - Answers A country's investment spending during the current year is equal to $120
million, while its level of saving for the current year is $150 million. Given this information, this country
will MOST likely have:
tries to explain increases in economic living standards over time. - Answers Macroeconomics, unlike
microeconomics:
decisions about saving and investment spending in the country. - Answers According to the text,
whether a country runs a trade deficit or a trade surplus depends on:
, In an economic expansion, the unemployment rate decreases while aggregate output increases. -
Answers Which statement is true regarding the business cycle?
decreases. - Answers During recessions, inflation usually:
increase over time. - Answers If an economy's ability to produce goods and services grows faster than its
population, then this economy's standard of living will MOST likely:
unemployment increases, while aggregate output and aggregate income decrease. - Answers In a
recession:
What determines the level of pay received by the average high school biology teacher? - Answers Which
is NOT a question of macroeconomics?
Macroeconomics:
-What will happen to spending by consumers when the economy enters a downturn?
-What will happen to U.S. exports as the dollar becomes less expensive in terms of other currencies?
-What is the relationship between a nation's unemployment rate and its inflation rate?
Microeconomics:
-How will Ms. Martin's tips change when a larger manufacturing plant near the restaurant where she
works closes?
-How will the price of oranges change when a late frost damages Florida's orange groves?
-How will wages at a manufacturing plant change when its workforce is unionized? - Answers Which of
the following questions are relevant to the study of macroeconomics, and which are relevant to the
study of microeconomics?
a.) It is inconsistent with Keynes's conclusion that government intervention in the economy was
necessary to maintain full employment.
b.) The enormity of the GP demonstrated that the economy was not necessarily self-regulating and that
gov't intervention would at times be necessary.
c.) The GR may have approached the severity of the GD. - Answers Before the Great Depression, the
conventional wisdom among economists and policy makers was that the economy is largely self-
regulating.
a. Is this view consistent or inconsistent with Keynesian economics? Explain.
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