eco chapter 6 example #84309

Macroeconomics is mostly focused on

The business cycle depicts:

The term "recession" describes a situation where:

Which of the following is most closely related to recessions?

Which of the following statements is most accurate about advanced economies?

Real GDP measures the:

If the prices of all goods and services rose, but the quantity produced remained unchanged, what would happen to nominal and real GDP?

Real GDP is preferred to nominal GDP as a measure of economic performance because:

Harry's Pepperoni Pizza Parlor produced 10,000 large pepperoni pizzas last year that sold for $10 each. This year Harry's again produced 10,000 large pepperoni pizzas (identical to last year's pizzas) but sold them for $12 each. Based on this information we can conclude that Harry's production of large pepperoni pizzas:

Harry's Pepperoni Pizza Parlor produced 10,000 large pepperoni pizzas last year that sold for $10 each. This year Harry's again produced 10,000 large pepperoni pizzas (identical to last year's pizzas) but sold them for $12 each. Based on this information we can conclude that Harry's production of large pepperoni pizzas this year:

Why are high rates of unemployment of concern to economists?

Unemployment describes the condition where:

Higher rates of unemployment are linked with:

Inflation is defined as:

Why are economists concerned about inflation?

The three statistics that are the main focus for those measuring macroeconomic health are:

GDP per person.

Savings are generated whenever:

When economists refer to "investment," they are describing a situation where:

Which of the following would an economist consider to be investment?

For an economy to increase investment, it must:

If an economy wants to increase its current level of investment, it must:

Increased present saving:

Banks and other financial institutions:

Short-run fluctuations in output and employment are referred to as:

The period when output and living standards decline is referred to as:

2007-09

The major statistics that provide macroeconomists a picture of the health of an economy include the following, except:

Real gross domestic product is a measure of the:

Will increase if there is an increase in the level of output

Measures the value of final output produced within a nation in one year, using current prices

Nominal gross domestic product:

Suppose that an economy's output does not change from one year to the next, but the price level doubles. What happens to real GDP?

Suppose that an economy's output does not change from one year to the next, but the price level doubles. What happens to nominal GDP?

Suppose a small economy produces only HD TV sets. In year 1, 100,000 sets are produce and sold at a price of $1,200 each. In year 2, 100,000 sets are produced and sold at a price of $1,000 each. As a result:

Economists and policy makers are committed to encouraging a high and growing level of real GDP because:

High rates of unemployment:

High rates of unemployment are undesirable because they:

An increase in the overall level of prices in an economy is called:

Inflation is troublesome to consumers because of the following effects, except:

Which of the following is most likely to be an indication of higher unemployment?

Suppose a family's income increases by 5% at the same time that inflation is 6%. Then the family's living standard:

If a family's income increases by 5% at the same time that inflation is 3.5%, then the:

Macroeconomic models help clarify important questions such as the following, except:

Rapid and sustained economic growth of nations:

Before the late 1700's, living standards in the richest part of the world were:

Purchasing power parity refers to:

At the core of understanding economic growth is the idea that to raise living standards over time, an economy must:

Resources are devoted toward increasing future output

Saving in the economy:

There is a trade-off between:

A higher rate of investment now will generate:

The amount of investment is ultimately limited by the amount of:

Which of the following statements is true?

Which of the following is the best example of economic investment?