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Macro test

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
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Question
Answer
show depreciation  
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show the income Americans gain from supplying resources abroad and the income that foreigners earn by supplying resources in the U.S.  
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Which of the following is not economic investment?   show
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Which of the following is a private transfer payment?   show
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show a nation's imports exceed its exports.  
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Arthur sells $100 worth of cotton to Bob. Bob turns the cotton into cloth, which he sells to Camille for $300. Donita sells the dresses for $1,200 to kids attending the prom. The total contribution to GDP of this series of transactions is   show
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Which of the following activities is excluded from GDP, causing GDP to understate a nation's well-being?   show
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If real GDP in a year was $3,668 billion and the price index was 112, then nominal GDP in that year was approximately   show
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show monetary value of all final goods and services produced within the borders of a nation in a particular year.  
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When local police and fire departments buy new cars for their operations, these are counted as part of   show
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Environmental pollution is accounted for in   show
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Which of the following is not seen by economists as an underlying cause of business cycle fluctuations?   show
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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 percentage of potential GDP is   show
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show It reduces real output and redistributes a decreased level of real income.  
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show not in the labor force  
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show frictionally unemployed  
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show may cause the official unemployment rate to understate the true amount of unemployment.  
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The consumer price index was 177.1 last year and 179.9 this year. Therefore, the current rate of inflation is about   show
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Kevin has lost his job in an automobile plant because the company switched to robots for its welding step in the assembly line. Kevin plans to go to technical school to learn how to repair microcomputers. The type of unemployment Kevin is faced with is   show
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show expansion  
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show 3 percent  
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show capital goods and durable consumer goods  
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show cost-push inflation  
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show business cycles  
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show $510 billionThe natural rate of unemployment is  
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The natural rate of unemployment is   show
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show cyclical  
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show tie wage increases to changes in the price level.  
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show employment and output increase  
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The phrase "too much money chasing too few goods" best describes   show
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Which of the following constitute the types of unemployment occurring at the natural rate of unemployment?   show
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Personal saving is equal to   show
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show all the points at which consumption and income are equal.  
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show an increase in the cost of acquriing capital goods  
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The purchase of capital goods, like ____ consumer goods, can be postponed; it tends to contribute to _____ in investment spending.   show
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As disposable income increases, consumption   show
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Disposable Income Consumption $ 200 $ 205 225 225 250 245 275 265 300 285 Refer to the given data. The marginal propensity to consume is   show
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Disposable Income Consumption $ 0 $ 8 80 80 160 152 240 224 320 296 400 368 All figures are in billions of dollars. The marginal propensity to save in this economy is   show
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Disposable Income Consumption $ 10,000 $ 12,000 18,000 18,000 26,000 24,000 34,000 30,000 42,000 36,000 50,000 42,000 Refer to the accompanying consumption schedule. If disposable income is $42,000, then saving is   show
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show 1- MPC = MPS  
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show a decrease in disposable income  
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show decrease  
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show consume is 0.75  
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show 0.12  
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show all of the factors mentioned in other answers contribute to the instability.  
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Assume that MPS is 0.4. If spending increases by $8 billion, then real GDP will increase by   show
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show 12 billion  
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The MPC for an economy is   show
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If disposable income is $900 billion when the average propensity to consume is 0.9, it can be concluded that   show
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Given the expected rate of return on all possible investment opportunities in the economy,   show
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show $9 billion  
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With a marginal propensity to save of 0.4, the marginal propensity to consume will be   show
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show 0.75, and the multiplier is 4.  
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show undertake the investment because the expected rate of return of 10 percent is greater than the real rate of interest.  
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If the real interest rate in the economy is i and the expected rate of return from additional investment is r, then more investment will be forthcoming when   show
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Dissaving means   show
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