Podcast
Questions and Answers
What is the primary focus of macroeconomics?
What is the primary focus of macroeconomics?
- The impact of international trade on an economy
- The overall performance and behavior of an economy (correct)
- The role of government in the economy
- The study of individual economic units such as households and firms
What does Gross Domestic Product (GDP) measure?
What does Gross Domestic Product (GDP) measure?
- The total value of goods and services produced in an economy over a year (correct)
- The total value of goods and services traded internationally
- The total value of goods and services produced by a single firm
- The total value of goods and services consumed in an economy over a year
What is the term for the total GDP divided by the total population?
What is the term for the total GDP divided by the total population?
- Nominal GDP
- Real GDP
- GDP per capita (correct)
- GDP per firm
What is the term for a decrease in the general level of prices for goods and services?
What is the term for a decrease in the general level of prices for goods and services?
What is one of the effects of inflation?
What is one of the effects of inflation?
What is the term for the number of people who are willing and able to work but are unable to find employment?
What is the term for the number of people who are willing and able to work but are unable to find employment?
What type of unemployment occurs when there is a mismatch between the skills of workers and the job requirements of available positions?
What type of unemployment occurs when there is a mismatch between the skills of workers and the job requirements of available positions?
What is the primary goal of understanding the business cycle?
What is the primary goal of understanding the business cycle?
What is the effect of expansionary monetary policy on interest rates?
What is the effect of expansionary monetary policy on interest rates?
What is the result of contractionary fiscal policy on government spending?
What is the result of contractionary fiscal policy on government spending?
What is a consequence of unemployment on the economy?
What is a consequence of unemployment on the economy?
What is the primary tool of monetary policy?
What is the primary tool of monetary policy?
