Chapter 12 Economy

Products that would be used in calculating GDP include
cars manufactured in Tennessee at a factory owned by a Japanese automobile company

The main economic scenarios that affect business cycles include all of the following EXCEPT
personal savings levels

How is nominal GDP converted into real GDP?
By eliminating the effects of price increases on GDP growth

What is the advantage of using the income approach to calculating GDP versus the expenditure approach
more practical

Which of the following would be an accurate statement about the Great Depression?
it was the most severe economic downturn in the history

How do fears of future economic problems affect GDP?
Consumers will spend less and save money in case of future econ problems affect them, GDP will be reduced

In a typical business cycle, what stage immediately follows a peak?
contraction

In an economy, when the price level falls, consumers and firms buy more goods and services.
aggregate demand curve

Which of the following would be counted in this year’s GDP?
The bonus check a worker receives this year

Concern about an international crisis has caused consumers to save their money and postpone big purchases. What is the effect on aggregate demand and aggregate supply?
aggregate supply will decrease, raising the price level and lowering real GDP

Which of the following best describes capital deepening?
paying for an employee to take college courses.

What is the difference between a recession and a depression?
A depression is a particularly deep recession with high levels of unemployment.

What is an example of a positive external shock to the economy?
oil supply

Which of the following is an example of a final good or service?
A cake purchased from a bakery for a wedding

Which of the following would be included in the calculation of GDP?
the income of a high school English teacher.

In an economy, when the price level falls, consumers and firms buy more goods and services. This relationship is represented by the… Aggregate demand curve Compared with the income approach to calculating GDP, the expenditure approach is… More practical WE …

“Classical economist” is often used interchangeably with which term? Laissez-faire economist. Between 2007 and 2009, the US unemployment rate rose from under 5 percent to over 8 percent. A Keynesian economist would most likely blame this increase in unemployment on: …

Products that would be used in calculating GDP include? Intermediate goods, durable goods, non durable goods An example of a durable good would be? Used car WE WILL WRITE A CUSTOM ESSAY SAMPLE ON ANY TOPIC SPECIFICALLY FOR YOU FOR …

Stagflation is a combination of: increasing unemployment and increasing inflation. The 1979-1982 recession looked different from the slump at the beginning of the Great Depression because it was: largely caused by events in the Middle East that led to sudden …

In the 1920s, how did manufacturers make products faster and more cheaply? They adopted Henry Ford’s manufacturing techniques. What is consumerism? a pattern of wanting and buying new products WE WILL WRITE A CUSTOM ESSAY SAMPLE ON ANY TOPIC SPECIFICALLY …

Which of the following was not characteristic of the U.S. economy during the Great Depression? Less government involvement The study of aggregate economic activity for the economy as a whole is Macro Economics WE WILL WRITE A CUSTOM ESSAY SAMPLE …

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