Macroeconomics

Point "A" represents which phase of the business cycle?

• contraction

• expansion

• peak

• trough

• recession

Point "B" represents which phase of the business cycle?

• peak

• trough

• recovery

• contraction

• expansion

Point "E" represents which phase of the business cycle?

• peak

• trough

• recovery

• contraction

• expansion

Point "F" represents which phase of the business cycle?

• peak

• trough

• contraction

• expansion

• recovery

What phase of the business cycle comes before a contraction?

• trough

• peak

• recovery

• expansion

If an economy is experiencing a contraction or recession, what phase of the business cycle would they experience next?

• expansion

• recovery

• peak

• trough

Which economic measure is the total value of all goods and services produced within a country's borders adjusted for inflation?

• real CPI

• real GDP

• GDP per capita

• CPI

A market basket is generally used to

• put things in while you walk around the store

• advertise products for new companies

• compare prices of goods between years to calculate CPI

• determine the amount of real GDP

To calculate the unemployment rate an economist would need the total number of unemployed people and which other number?

• The inflation rate

• Number of transactions in the resource market

• Total number of discouraged workers

• Total number of people in the labor force

Which is NOT a macroeconomic goal?

• Steady economic growth

• Full employment

• Increased money supply

• Price stability