EXAM 2 MACROECONOMICS QUESTIONS AND ANSWERS graded A+

EXAM 2 MACROECONOMICS QUESTIONS AND ANSWERS graded A+ Deflation refers to the process by which - Goods and services become less expensive over time. Which of the following would be included in a calculation of GDP using the expenditures approach? - Connie purchases a pair of new tennis shoes from a shoe store in the mall Which of the following factors should lead to long term economic growth in a country? - widespread increases in the level of education Which of the following statements about modern economic growth is TRUE? - A. It has increased levels of global inequality. B. One of its direct causes was the industrial revolution. C. It began in Great Britain and spread quickly to other parts of Western Europe. D. All of the above *** If the economy was in a recession and was very close to reaching the trough of the business cycle, which of the following would be true? - Unemployment would be high due to cyclical unemployment Under conventional definitions, which of the following would be counted as an unemployed worker? - Sally was recently paid off from the factory she worked at for 30 years. She is looking for a new job. If a countries nominal GDP goes up by 3% during a year where inflation was 5%, then real GDP: - Decreased b