Lesson 6 Quiz over Chapter 19 Flashcards Preview

Macroeconomics Mid-Term Exam 1st Half > Lesson 6 Quiz over Chapter 19 > Flashcards

Flashcards in Lesson 6 Quiz over Chapter 19 Deck (10):
1

An extended period of declining output and living standards is referred to as a recession.

True

2

Consumption in the United States is about ______ of GDP, and it moves relatively little over time.

68%

3

GDP is:

the value of all final goods and services produced domestically.

4

_______ per person is used to measure the standard of living across countries.

GDP

5

_________ measures a nation/'s output in current year prices.

Nominal GDP

6

In order to achieve modern economic growth, a nation/'s output must grow faster than its population.
True or False?

True

7

The demand measure of GDP accounting adds together:

consumption, investment, government purchases, and trade balance.

8

What type of GDP is least likely to overstate or understate actual performance?

Real GDP

9

The business cycle is primarily concerned with changes in the level of overall prices over time.
True or False?

False
the business cycle is concerned with "the relatively short-term movement of the economy in and out of recession"

10

Which of the following are the main focus for measuring the health of the macroeconomy? (Select all that apply.)

real GDP
inflation
unemployment