MACRO Chapter 16

capita

GDP per _____ is a country's GDP divided by its population.

recovery

What phase of the business cycle does the headline "Consumer confidence at highest level in 3 years" suggest? trough recovery peak recession

B) natural resources

Which of the following are NOT considered when measuring GDP per capita? A) personal consumption expenditures B) natural resources C) population D) government purchases

$2 million $2 million is added to the GDP of the United States because the products produced in Japan are not counted toward GDP.

A Japanese automaker produces $1 million worth of automobiles in Japan and $2 million worth of automobiles in the United States. How much of that is added into the GDP of the United States?

C) the National Bureau of Economic Research.

Business cycles are officially dated by: A) the National Activity Index. B) the National Academy of Sciences. C) the National Bureau of Economic Research. D) the Federal Reserve Bank of Chicago.

recovery

Suppose that news stories quote economists as saying business investments have begun to increase. This would be evidence that the economy is moving into the _____ phase of the business cycle. recovery trough peak recession

the Federal Reserve Bank of Chicago.

The National Activity Index was developed by: the Bureau of Economic Analysis. the Federal Reserve Bank of Chicago. the National Academy of Sciences. the National Bureau of Economic Research.

informal

The _____ economy can include illegal transactions or those not reported to the IRS for tax collection.

C) a refrigerator

Which of the following is a durable good? A) ice cream B) a T-shirt C) a refrigerator D) a tomato

how the adoption of new technology affects the business cycle

Which of the following is a macroeconomic topic? how oligopolies interact how the adoption of new technology affects the business cycle how monopolistically competitive firms compete how technology affects the way retail chains manage inventory

what causes prices to increase

Which of the following is a macroeconomic topic? how firms engage in nonprice competition how advertising affects consumer behavior what causes prices to increase how rising food prices affect consumer behavior

A) what causes prices to increase

Which of the following is a macroeconomic topic? A) what causes prices to increase B) how firms engage in nonprice competition C) how rising food prices affect consumer behavior D) how advertising affects consumer behavior

downturn

The part of the business cycle that goes from economic peak to economic trough is known as a(n) _____.

under-the-table payments

Which of the following is NOT considered when measuring GDP per capita? population under-the-table payments government purchases personal consumption expenditures

A) net interest

Which of the following is NOT used to calculate GDP as part of the expenditures approach? A) net interest B) personal consumption expenditures C) net exports D) gross private domestic investment