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Macroeconomics Study Set 43

Business

Quiz 6 :

B: an Introduction to Macroeconomics

Quiz 6 :

B: an Introduction to Macroeconomics

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Commodities such as airline tickets, and gasoline have sticky prices.
Free
True False
Answer:

Answer:

False

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Demand shocks are the expected changes in the demand for goods and services.
Free
True False
Answer:

Answer:

False

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A well-functioning financial system helps to promote economic growth and stability.
Free
True False
Answer:

Answer:

True

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The official unemployment rate:
Multiple Choice
Answer:
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Before the start of the Industrial Revolution in the late 1700s, living standards around the world were quite different.
True False
Answer:
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The term "inflation" describes the situation where:
Multiple Choice
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Economic growth is defined as:
Multiple Choice
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Sticky prices imply that some firms are afraid to cut their prices because they are afraid of price wars.
True False
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If current prices are used to calculate the value of total output produced by a country during a specific period of time, the result is called:
Multiple Choice
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Real GDP and nominal GDP differ because real GDP:
Multiple Choice
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If prices are flexible, no matter what demand turns out to be, firms can continue selling their optimal output.
True False
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In reality, all the prices in the economy are inflexible and are not able to change rapidly when demand changes unexpectedly.
True False
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The concept of "real GDP" refers to:
Multiple Choice
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To understand how the economy works, economists could look at various data including:
Multiple Choice
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Modern economic growth in a country implies that output per person increases.
True False
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Inflation means:
Multiple Choice
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Unemployment occurs when a person cannot get a job despite being willing to work and actively seeking work.
True False
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Savings are generated when current consumption is less than current output.
True False
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To look at the health of the economy, economists would most probably look at indictors such as:
Multiple Choice
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According to researchers, there is a direct link between unemployment and:
Multiple Choice
Answer:
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