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Home Page Social Science Economics Macroeconomics Marcoeconomics Chapter 9 - Flashcards

Marcoeconomics Chapter 9 – Flashcards

Lesly Ford
8 July 2022
10 test answers

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question
Innovations such as the microchip and the Internet lead to business cycle variations because:
answer
significant innovations occur irregularly and unexpectedly.
question
According to the Bureau of Labor Statistics, to be officially unemployed a person must:
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be in the labor force.
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If actual GDP is $340 billion and there is a positive GDP gap of $20 billion, potential GDP is:
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$320 billion.
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Assume the natural rate of unemployment in the U.S. economy is 5 percent and the actual rate of unemployment is 9 percent. According to Okun's law, the negative GDP gap as a percent of potential GDP is:
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8 percent.
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Real income is found by:
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dividing nominal income by the price index (in hundredths)
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question
Which of the following formulas is correct? Percentage change in:
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real income approximates percentage change in nominal income minus percentage change in price level.
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question
Who is least likely to be hurt by unanticipated inflation?
answer
an owner of a small business
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question
Inflation affects:
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both the level and the distribution of income.
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question
The feudal practice of clipping coins illustrates the idea of:
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taxation through inflation.
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question
Declines in stock prices measured by the Dow Jones average:
answer
sometimes precede recessions; sometimes do not.
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Question
What is the right structure for an essay
Answer
A paragraph is a related group of sentences that develops one main idea. Each paragraph in the body of the essay should contain:
  • a topic sentence that states the main or controlling idea
  • supporting sentences to explain and develop the point you’re making
  • evidence from your reading or an example from the subject area that supports your point
  • analysis of the implication/significance/impact of the evidence finished off with a critical conclusion you have drawn from the evidence.