Macro Economics Alt A Exam 2024
When is the output gap negative? - CORRECT ANSWERS-When
Potential GDP > Real GDP
A measure of both the incomes and expenditures of an economy is? -
CORRECT ANSWERS-Gross Domestic Product
The calculation for the GDP deflator is? - CORRECT ANSWERS-
(Nominal GDP/Real GDP) x 100
The three factors of production include? - CORRECT ANSWERS-
Land, Labor, Capital
What is the indicator of the maximum quantity of goods that can be
efficiently produced by an economy? - CORRECT ANSWERS-
Production Possibilites Frontier
The __________ means that the total income must equal the total
expenditure. - CORRECT ANSWERS-Equilibrium
The fluctuations in output, employment, financial conditions, and
prices are called? - CORRECT ANSWERS-Business Cycle
What is the percentage change in the overall level of prices from one
year to the next? - CORRECT ANSWERS-Inflation 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 - CORRECT ANSWERS-
Consumer Price Basket
, What is the market value of all final goods and services produced
within a country in a given period of time? - CORRECT ANSWERS-
Gross 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
d. Inflation Rate - CORRECT ANSWERS-GDP Deflator
The most effective use of a society's resources in satisfying people's
wants and needs. - CORRECT ANSWERS-Efficiency
A mechanism through which buyers and sellers interact to determine
prices and exchange goods, services, and assets. - CORRECT
ANSWERS-Markets
The maximum sustainable level of output that the economy can
produce. - CORRECT ANSWERS-Potential GDP
the maximum sustainable level of output that the economy can
produce. - CORRECT ANSWERS-Potential GDP
GDP per person tell us the ____ and ____ of the average person. -
CORRECT ANSWERS-Income, Expenditure
The ______ tells us the rise in nominal GDP caused by a rise in prices
rather than quantities produced. - CORRECT ANSWERS-GDP
Deflator
According to the short run, the Phillips Curve illustrates the trade off
between... - CORRECT ANSWERS-Inflation and Unemployment
Suppose hat the cost of a blanket cost 2,500 one year and 2550 the
next. What is the inflation rate? - CORRECT ANSWERS-2%
When is the output gap negative? - CORRECT ANSWERS-When
Potential GDP > Real GDP
A measure of both the incomes and expenditures of an economy is? -
CORRECT ANSWERS-Gross Domestic Product
The calculation for the GDP deflator is? - CORRECT ANSWERS-
(Nominal GDP/Real GDP) x 100
The three factors of production include? - CORRECT ANSWERS-
Land, Labor, Capital
What is the indicator of the maximum quantity of goods that can be
efficiently produced by an economy? - CORRECT ANSWERS-
Production Possibilites Frontier
The __________ means that the total income must equal the total
expenditure. - CORRECT ANSWERS-Equilibrium
The fluctuations in output, employment, financial conditions, and
prices are called? - CORRECT ANSWERS-Business Cycle
What is the percentage change in the overall level of prices from one
year to the next? - CORRECT ANSWERS-Inflation 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 - CORRECT ANSWERS-
Consumer Price Basket
, What is the market value of all final goods and services produced
within a country in a given period of time? - CORRECT ANSWERS-
Gross 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
d. Inflation Rate - CORRECT ANSWERS-GDP Deflator
The most effective use of a society's resources in satisfying people's
wants and needs. - CORRECT ANSWERS-Efficiency
A mechanism through which buyers and sellers interact to determine
prices and exchange goods, services, and assets. - CORRECT
ANSWERS-Markets
The maximum sustainable level of output that the economy can
produce. - CORRECT ANSWERS-Potential GDP
the maximum sustainable level of output that the economy can
produce. - CORRECT ANSWERS-Potential GDP
GDP per person tell us the ____ and ____ of the average person. -
CORRECT ANSWERS-Income, Expenditure
The ______ tells us the rise in nominal GDP caused by a rise in prices
rather than quantities produced. - CORRECT ANSWERS-GDP
Deflator
According to the short run, the Phillips Curve illustrates the trade off
between... - CORRECT ANSWERS-Inflation and Unemployment
Suppose hat the cost of a blanket cost 2,500 one year and 2550 the
next. What is the inflation rate? - CORRECT ANSWERS-2%
