Macroeconomics Questions

When government tax revenues change automatically and in a countercyclical direction over the course of the business cycle, this is an example of...

If the full employment budget shows a deficit of about $200 billion and the actual budget shows a deficit of about $250 billion over a several-year period, it can be concluded that there is a...

When the actual budget deficit is greater tan the full employment deficit, it can be concluded that

Durable, portable, divisible, uniform quality, low opportunity cost, stable value, limited supply

-discount rate (interest rate the Fed charges banks that borrow reserve)-bank notes-representative money (bank notes that exchange for a specific commodity like gold; old system)

-medium of exchange (generally accepted by all parties as payment, and considered as both money and commodity)-unit of account (used to value goods and services)-store of value (can be saved and exchanged)

frictional unemployment, structural unemployment, seasonal unemployment, cyclical unemployment

Gross Domestic Product (total market value produced in the nation over a year)

household production, the underground economy, leisure time, and the quality and variety of available products

False— GDP includes production by foreign firms in the US and excludes production carried out by US firms outside the US

consumption, investment, government purchases, net exports (value of a country's exports minus imports), aggregate expenditure (total spending of all goods/services in the year)

A car company that claims it sold more cars than it actually did is guilty of ________.

Nearly all market economies experience long-term growth because of ________.

Raising the reserve requirement will lead to ________ interest rates.

_________ is a decrease in the general level of prices.

The Federal Reserve's goals of helping America achieve stable prices, economic growth, and full employment is referred to as the Fed's ________.

What government economic strategy reduces taxes on businesses that invest in increasing their productivity?

Inflation occurring at an extremely high rate is called ______ .

Inflation has a negative impact on which of the following groups? (Choose all that apply.)

In Chapter 9 of Economics in One Lesson, Hazlitt writes that the justification for public jobs like police officers, firefighters, judges, and legislators "does not consist in the 'purchasing power' they possess by virtue of being on the public payroll," but instead "consists in the ________ of their services."