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Macroeconomics Study Set 42

Business

Quiz 19 :

What Macroeconomics Is All About

Quiz 19 :

What Macroeconomics Is All About

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In macroeconomics, if the value of the national product increases, there is
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E

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What is potential or full-employment output?
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D

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In macroeconomics, the term ʺnational incomeʺ refers to
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D

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A nationʹs real national income in a given year measures the
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Suppose Appliance Mart buys a used refrigerator for $100, repairs it, and resells it for $250. The result of this transaction is to
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Consider a small economy with 3 individuals. Individual A produces 100 chickens that sell for $8 each. Individual B produces 50 bags of corn that sell for $10 each. Individual C produces 40 bushels of apples that sell for $20 each. National product in this economy is
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An upward trend in real national income over an extended period of time is called
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Real GDP measures
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Which of the following is an accurate statement about real national income?
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Suppose Honest Robʹs Used Cars buys a used car for $2000 and resells it for $3000. The result of Honest Robʹs transactions is to
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In order to determine the economyʹs real GDP growth rate between two time periods, we should look at
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Which of the following is an equivalent term for ʺfull-employment outputʺ?
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An equivalent term for ʺreal national incomeʺ is
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Suppose that in 2016 Canadaʹs automobile manufacturers produced 2 million cars priced at $20 000 each. And in 2017 they produced 1 million cars priced at $40 000 each. Ceteris paribus, the change in nominal national income is
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Consider a small economy with 3 individuals where each individual produces and sells $1000 worth of final goods and services. The national income for this economy is
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An example of a topic outside the scope of macroeconomics is
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Which of the following is the best description of the business cycle?
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The economic problems studied in macroeconomics include: 1) the level of economic activity; 2) competition policy; 3) the rate of unemployment.
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Macroeconomics is mainly concerned with the study of
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To compare the economyʹs aggregate output in two different time periods, economists compare the
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