← Macro FInal Test
5 Written Questions
5 Matching Questions
- Natural Rate of Unemployment
- Barter Economy
- Anticipated Inflation
- Command Economy
- a system in which one set of goods or services is exchanged for another (Requires double coincidence of wants)
- b when the rate of inflation turns out to be roughly what most people had expected
- c The amount by which the value of an asset falls in a given period
- d An economic system in which the government controls a country's economy.
- e The "normal" unemployment rate due to frictional and structural conditions in labor markets. It is the unemployment rate that occurs when the economy is operating at a sustainable rate of output.
5 Multiple Choice Questions
- Unemployment caused by seasonal changes in the demand for certain kinds of labor
- increase in the value of an asset
- a tax for which the percentage of income paid in taxes increases as income increases
- Peak, Recession or Depression, Trough, Expansion
- law that assigned to the federal government the responsibility for promoting full employment and price stability
5 True/False Questions
Cyclical Unemployment → Unemployment caused by seasonal changes in the demand for certain kinds of labor
Demand Pull Inflation → A sustained rise in the price level caused by a rightward shift of the aggregate demand curve
Capital Goods → buildings, machinery, tools, and other goods that provide productive services over a period of time.
Bank Reserves → Debts that an economic unit owes to others
Underground Economy → exchanges of goods and services that are not reported to the government and thereby escape taxation