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Year 10 Economics: Macroeconomics Notes

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Questions and Answers

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?

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?

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?

Deflation Signup and view all the answers

What is one of the effects of inflation?

Reduced purchasing power Signup and view all the answers

What is the term for the number of people who are willing and able to work but are unable to find employment?

Unemployment Signup and view all the answers

What type of unemployment occurs when there is a mismatch between the skills of workers and the job requirements of available positions?

Structural unemployment Signup and view all the answers

What is the primary goal of understanding the business cycle?

To make informed decisions to stabilize the economy and promote growth Signup and view all the answers

What is the effect of expansionary monetary policy on interest rates?

It lowers interest rates Signup and view all the answers

What is the result of contractionary fiscal policy on government spending?

It decreases government spending Signup and view all the answers

What is a consequence of unemployment on the economy?

Reduced consumer spending Signup and view all the answers

What is the primary tool of monetary policy?

Interest rates Signup and view all the answers