Macroeconomics - Chapters 7-9 - Assignment Essays

question

resources market

answer

Labor makes up over 70% of this major macroeconomic market.

question

production

answer

In the short run, an increase in prices will causes businesses to expand this.

question

loanable funds market

answer

This market coordinates the borrowing and lending of individuals and firms.

question

taxes, savings, & purchase of imports

answer

Three "leakages" from the macroeconomic mode presented in class.

question

circular flow of income

answer

This four-word phrase is best described as businesses buying resources from households and households using their income to buy goods and services from businesses.

question

nominal GDP

answer

GDP expressed at current prices; this is often called money GDP

question

$6,000

answer

Ben originally purchased his home in 1998 for $75,000. He sold it in 2012 for $100,000 and paid a 6% real estate commission to Brian. This dollar amount is added to 2012 GDP by this transaction.

question

Gross National Product

answer

This differs from GDP in that it counts income Americans earn abroad, but it omits income foreigners earn in the U.S.

question

$26.00

answer

A bag of rice is sold to El Rodeo for $5.00; El Rodeo uses the rice to sell dishes to customers for $20.00. A second bag of rice is sold at Woods for $6.00 to Tony who goes home and cooks it for dinner. This dollar amount has been added to GDP by these transactions.

question

final (market) goods & services

answer

GDP can be calculated by adding together expenditures on this four (or five)-word phrase that are produced domestically during the year.

question

unemployment benefits

answer

High these reduce financial disincentive of unemployment and therefore increase the time unemployed individuals spend searching for a job.

question

natural rate of unemployment

answer

In a dynamic economy under ideal conditions, this will be the rate of unemployment.

question

100

answer

When using either major price index discussed in class, the base year value is always equal to this.

question

1 + 15 = 16

answer

Minimum number of hours per week required to work for pay to be considered "employed" + minimum number of hours per weeks required to work without pay in a family-operated enterprise to be considered "employed".

question

imports = $15 mil
exports = $10 mil

answer

Country A had -$5 million in net exports and bought $15 million in goods and services from foreign countries. The amount of Country A's exports is this and the amount of Country A's imports is this.

question

inflation

answer

Nominal GDP will increase, but real GDP may decrease or be stagnant when an economy is experiencing high levels of this, an increase in the general price of goods and services.

question

black market/underground economy

answer

GDP underestimates actual production in an economy by failing to account for these type of transactions, which can be either illegal or legal but "under the table".

question

potential GDP

answer

During a recession, actual GDP will be below this figure that represents maximum sustainable output in an economy.

question

household production

answer

Some studies believe GDP is underestimated by 10-15% because it does not include this type of production, such as taking children to school.

question

rebuilding & cleanup activities

answer

An event that is bad for an economy, like a hurricane, can often cause GDP to increase due to the costs of these two activities.

question

real GDP

answer

Some economists say that an economy is in recession when this figure declines for two consecutive quarters.

question

contraction

answer

When the economy is in a recession, it is in this part of the business cycle.

question

expansion & peak

answer

The two phases of the business cycle in the recovery phase.

question

recessionary trough

answer

The lowest valley in the business cycle is known by this two-word term.

question

employment rate - 92%
labor force participation rate - 60%

answer

Country X has a 16 and over population of 100 million; 5 million are unemployed and 55 million are employed. What are the unemployment and labor force participation rates for Country X?

question

cyclical unemployment

answer

This type of unemployment is caused by recessionary business conditions and inadequate labor demand.

question

structural unemployment

answer

When unemployed workers lack the skills necessary to fill available jobs in an economy, this type of unemployment is present.

question

labor force participation (rate)

answer

Summing the total number of employed and unemployed individuals and dividing that sum by the 16 and over population gives you this.

question

answer

Websites like this social networking site launched in 2003 and used mostly for professional networking should help to minimize frictional unemployment.

question

Bureau of Labor Statistics

answer

This federal government agency calculated unemployment each month by surveying a random sample of about 60,000 American households.

question

increase

answer

Individuals living on a fixed income like Social Security tend to suffer most when prices in an economy do this.

question

anticipated inflation

answer

Inflation that occurs at low levels over time and can mostly be predicted by decision markers is called this.

question

prices

answer

Inflation causes problems in an economy by distorting the information delivered by these.

question

consumer price index (CPI)

answer

Inflation is most often calculated by using this, which is designed to measure the impact of price changes on the cost of the typical bundle of goods purchased by households.

question

hyperinflation

answer

This, as was experienced in a country like Zimbabwe, is often caused by a rapid expansion in the nation's stock of money.

1 of 35

question

resources market

answer

Labor makes up over 70% of this major macroeconomic market.

question

production

answer

In the short run, an increase in prices will causes businesses to expand this.

question

loanable funds market

answer

This market coordinates the borrowing and lending of individuals and firms.

question

taxes, savings, & purchase of imports

answer

Three "leakages" from the macroeconomic mode presented in class.

question

circular flow of income

answer

This four-word phrase is best described as businesses buying resources from households and households using their income to buy goods and services from businesses.

question

nominal GDP

answer

GDP expressed at current prices; this is often called money GDP

question

$6,000

answer

Ben originally purchased his home in 1998 for $75,000. He sold it in 2012 for $100,000 and paid a 6% real estate commission to Brian. This dollar amount is added to 2012 GDP by this transaction.

question

Gross National Product

answer

This differs from GDP in that it counts income Americans earn abroad, but it omits income foreigners earn in the U.S.

question

$26.00

answer

question

final (market) goods & services

answer

GDP can be calculated by adding together expenditures on this four (or five)-word phrase that are produced domestically during the year.

question

unemployment benefits

answer

High these reduce financial disincentive of unemployment and therefore increase the time unemployed individuals spend searching for a job.

question

natural rate of unemployment

answer

In a dynamic economy under ideal conditions, this will be the rate of unemployment.

question

100

answer

When using either major price index discussed in class, the base year value is always equal to this.

question

1 + 15 = 16

answer

question

imports = $15 mil
exports = $10 mil

answer

Country A had -$5 million in net exports and bought $15 million in goods and services from foreign countries. The amount of Country A's exports is this and the amount of Country A's imports is this.

question

inflation

answer

Nominal GDP will increase, but real GDP may decrease or be stagnant when an economy is experiencing high levels of this, an increase in the general price of goods and services.

question

black market/underground economy

answer

GDP underestimates actual production in an economy by failing to account for these type of transactions, which can be either illegal or legal but "under the table".

question

potential GDP

answer

During a recession, actual GDP will be below this figure that represents maximum sustainable output in an economy.

question

household production

answer

Some studies believe GDP is underestimated by 10-15% because it does not include this type of production, such as taking children to school.

question

rebuilding & cleanup activities

answer

An event that is bad for an economy, like a hurricane, can often cause GDP to increase due to the costs of these two activities.

question

real GDP

answer

Some economists say that an economy is in recession when this figure declines for two consecutive quarters.

question

contraction

answer

When the economy is in a recession, it is in this part of the business cycle.

question

expansion & peak

answer

The two phases of the business cycle in the recovery phase.

question

recessionary trough

answer

The lowest valley in the business cycle is known by this two-word term.

question

employment rate - 92%
labor force participation rate - 60%

answer

Country X has a 16 and over population of 100 million; 5 million are unemployed and 55 million are employed. What are the unemployment and labor force participation rates for Country X?

question

cyclical unemployment

answer

This type of unemployment is caused by recessionary business conditions and inadequate labor demand.

question

structural unemployment

answer

When unemployed workers lack the skills necessary to fill available jobs in an economy, this type of unemployment is present.

question

labor force participation (rate)

answer

Summing the total number of employed and unemployed individuals and dividing that sum by the 16 and over population gives you this.

question

answer

Websites like this social networking site launched in 2003 and used mostly for professional networking should help to minimize frictional unemployment.

question

Bureau of Labor Statistics

answer

This federal government agency calculated unemployment each month by surveying a random sample of about 60,000 American households.

question

increase

answer

Individuals living on a fixed income like Social Security tend to suffer most when prices in an economy do this.

question

anticipated inflation

answer

Inflation that occurs at low levels over time and can mostly be predicted by decision markers is called this.

question

prices

answer

Inflation causes problems in an economy by distorting the information delivered by these.

question

consumer price index (CPI)

answer

Inflation is most often calculated by using this, which is designed to measure the impact of price changes on the cost of the typical bundle of goods purchased by households.

question

hyperinflation

answer

This, as was experienced in a country like Zimbabwe, is often caused by a rapid expansion in the nation's stock of money.

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Macroeconomics – Chapters 7-9

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