Podcast
Questions and Answers
Which economist is considered the proponent of modern macroeconomic theory?
Which economist is considered the proponent of modern macroeconomic theory?
- Adam Smith
- Karl Marx
- John Maynard Keynes (correct)
- Milton Friedman
What does aggregate supply refer to?
What does aggregate supply refer to?
- The total quantity of goods and services demanded by consumers
- The total output produced by factors owned by a country
- The total value of all final goods and services produced in an economy
- The total quantity of goods and services supplied by producers (correct)
Which economic measure represents the total market value of all final goods and services produced in an economy?
Which economic measure represents the total market value of all final goods and services produced in an economy?
- Potential GDP
- Real GDP
- Gross National Product (GNP)
- Gross Domestic Product (GDP) (correct)
Which type of unemployment is caused by a mismatch between the needs of employers and the skills of the workforce?
Which type of unemployment is caused by a mismatch between the needs of employers and the skills of the workforce?
Which economic measure represents the real measure of growth?
Which economic measure represents the real measure of growth?
Which economic school of thought explains the concept of a liquidity trap?
Which economic school of thought explains the concept of a liquidity trap?
What is the concept of 'sticky wages' in economics?
What is the concept of 'sticky wages' in economics?
Which type of unemployment is voluntary and due to a transition in employment?
Which type of unemployment is voluntary and due to a transition in employment?
Which of the following shifts the aggregate supply (AS) curve to the right?
Which of the following shifts the aggregate supply (AS) curve to the right?
Which of the following measures the total output produced by factors owned by a country?
Which of the following measures the total output produced by factors owned by a country?
Flashcards are hidden until you start studying
