Macro Economics ch. 1-12 – Flashcards

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In the early 19th century, the US suffered from a scarcity of
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labor-relative to land
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True/False: Our economy has had an unemployment rate below 5% since the early 1940's.
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false
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True/False: There was a great deal of stagflation in the 1970's.
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true
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Each of the following were elements of the New Deal EXCEPT
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a balanced budget
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Which best describes the post-WWII recessions in the US?
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Each was accomplished by a decline in output of goods and services and an increase in unemployment.
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At the time of the American revolution, about _____ of every 10 Americans lived on a farm.
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one
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Between 1939 and 1944, federal government spending rose by more than_____.
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400%
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Each was a year of high unemployment EXCEPT_____.
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1944
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The year 2009 could be described as having had relatively _____ unemployment rate and a relatively _____ rate of inflation.
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high; low
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Between 1929 and 1933, output fell _____.
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by about one third
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what would be the most accurate description of our economy since the end of 2007?
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we experienced the worst economic mess since the great depression.
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The inflation rate declined during the presidency of _____.
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Both Eisenhower and Reagan
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The transcontinental railroads completed in the 1860's 70s and 80s all bypassed the ______.
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South
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Compared to our economic history between 1870 and 1945, our economic history since 1945 could be considered ______.
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much more stable
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The longest economic expansion in our history began in _______.
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the spring of 1991
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The age of the great industrial capitalists like Carnegie, Rockefeller, and Swift was in the
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fourth quarter of the 19th century
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____ completely changed the face of the US in the 25 years following WWII.
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Suburbanization
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Medicare and Medicaid were inaugurated under the administration of _____.
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Lyndon B. Johnson
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Most of the recessions since WWII lasted ____.
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6 to 12 months
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True/False: There was a major tax cut in 1964.
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true
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There was a major tax cut in ______.
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both 1964 and 1981
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Our economic growth began to slow markedly _______.
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in the early 1970s
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During WWII most of the people who got jobs in defense plants were ________ who had ______ experience building planes, tanks, and warships.
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women; no
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In the 1970s, our economy suffered from _______.
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inflation and stagnation
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There were no recessions during the administration of _______
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Bill Clinton
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Our longest uninterrupted economic expansion took place mainly in the decade of the _________.
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1990s
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In the 1990s our economy has generated more than ________ million additional jobs.
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20
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What offset the Great Recession?
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The bursting of the housing bubble.
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True/False: The South had some very substantial economic grievances against the North in the years immediately preceding the Civil War.
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true
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The massive shift of population and industry out of the large central cities from the late 1940s through the 1960s was caused by ____?
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Suburbanization
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What was not a major contributing factor to Suburbanization?
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federal subsidies for public transportation
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True/False: The economic downturn that began in December 2007 is the longest since the 1930s.
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true
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Who made the statement: " Once upon a time my opponents honored me as possessing the fabulous intellectual and economic power by which I created a worldwide depression all by myself."
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Herbert Hoover
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True/False: Although we got off to a rocky start, this century may well turn out to be another "American Century".
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True
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Our most rapid job growth was in the period from ________.
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1995 to 2000
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If you could blame just one person or group of people that caused the Great Depression, which one would you choose?
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The Federal Reserve Board
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What did not happen during the Great Recession?
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a sharp rise in the inflation rate
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True/False: It is far too soon to say whether or not the 21st century will be another "American century".
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true
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The lowest point of the great depression was reached in the year _______.
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1933
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In 1790, about ______of every 10 Americans lived on farms.
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9
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The worst recession we had since WWII occurred in _____.
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2007-2009
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The country with the world's largest output is ___.
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The US
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In 1933, our official unemployment rate was _____.
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25%
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Bills providing for Medicare and Medicaid were passed during the administration of _____.
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Lyndon B. Johnson
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Today one full-time American farmer feeds about _____ people.
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500
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During President Dwight D. Eisenhower's two terms, there were _______ recessions.
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3
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Rapid technology change in agriculture during the first half of the 19th century was brought on mainly by _______.
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A plenitude of land in comparison with the amount of labor.
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The main factor in finally bringing us out of the great depression was?
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government spending on WWII
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Since the end of WWII there have been _____ recessions.
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12
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The quarter century that was completely dominated by the great industrialists like Andrew Carnegie and John D. Rockefeller began in the year _______.
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1875 +/-
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Passage of the ______ in 1944 enabled nearly 8 million veterans to go to school.
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The GI Bill of Rights
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The _______ century was termed "The American Century"
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20th
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The efficient allocation of the scarce means of production toward the satisfaction of human wants.
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economics
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Conditions under which maximum output is produced with a given level of input.
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efficiency
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The part of economics concerned with the economy as a whole.
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Macroeconomics
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Includes our resources and our technological ability to use them to produce output.
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means of production
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The inability of an economy to generate enough goods and services to satisfy all human wants.
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scarcity
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Natural resources used to produce goods and services.
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land
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work and time for which one is paid
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labor
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the price paid for the use or service of labor per unit of time.
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wage
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All means of production mainly plant and equipment created by people.
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capital
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The cost of borrowed goods.
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interest
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Ability to recognize a business opportunity and successfully set up a business firm to take advantage of it.
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entrepreneurial ability
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The difference between total revenue and total cost.
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profit or loss
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An innovator
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entrepreneur
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