DeVry ECON 312 Week 4 Quiz
Macroeconomics is mostly focused on
A. the individual markets within an economy.
B. only the largest industries in the economy.
C. the economy as a whole.
D. why specific businesses fail.
The term “recession” describes a situation where
A. inflation rates exceed normal levels.
B. output and living standards decline.
C. an economy’s ability to produce is destroyed.
D. government takes a less active role in economic matters.
Which of the following is most closely related to recessions?
A. positive long-run economic growth
B. rapid growth in the price level
C. falling rates of unemployment
D. negative real growth in output
Real GDP measures the
A. total dollar value of all goods and services produced within the borders of a country using current prices.
B. value of final goods and services produced within the borders of a country, corrected for price changes.
C. total dollar value of all goods and services consumed within the borders of a country, adjusted for price changes.
D. value of all goods and services produced in the world, using current prices.
Unemployment describes the condition where
A. equipment and machinery are going unused.
B. a person cannot get a job but is willing to work and is actively seeking work.
C. a person does not have a job, regardless of whether or not he or she wants one.
D. any resource sits idle.
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The National Income and Product Accounts (NIPA) help economists and policymakers to
A. determine which firms are likely to succeed or fail.
B. follow the long-run course of the economy to determine whether it has grown or stagnated.
C. measure what is occurring in each specific labor market.
D. accomplish all of these.
The agency responsible for compiling the National Income Product Accounts for the U.S. economy is the
A. Council of Economic Advisers.
B. Bureau of Economic Analysis.
C. National Bureau of Economic Research.
D. Bureau of Labor Statistics.
The system that measures the economy’s overall performance is formally known as
A. national income accounting.
B. business cycle measurement.
C. GDP assessment.
D. final output and income statistics
A nation’s gross domestic product (GDP)
A. is the dollar value of all final output produced within the borders of the nation during a specific period of time.
B. is the dollar value of all final output produced by its citizens, regardless of where they are living.
C. can be found by summing C + In + S + Xn.
D. is always some amount less than C + Ig + G + Xn.
GDP is the
A. national income minus all nonincome charges against output.
B. monetary value of all final goods and services produced within the borders of a nation in a particular year.
C. monetary value of all economic resources used in producing a year’s output.
D. monetary value of all goods and services, final and intermediate, produced in a specific year.