Download Macroeconomics Vocabulary Quiz

Macroeconomics Vocabulary Quiz
Name: _________________________________Date: ________ Period: _____
SSEMA1: The student will illustrate the means by which economic activity is measured
1. The total amount of goods and services consumers are willing to buy
a. Demand
b. Supply
c. Aggregate demand
d. Aggregate supply
2. The total supply of all the goods and services available in an economy
a. Demand
b. Supply
c. Aggregate demand
d. Aggregate supply
3. An economic measure of inflation in the domestic economy
a. Gross Domestic Product
b. Unemployment
c. Consumer Price Index
d. Government Deficit
4. The changes in economic activity of a company over the long-term
a. Recession
b. Depression
c. Cyclical Unemployment
d. Business cycle
5. Unemployment that is caused by a downturn in the business cycle
a. Frictional Unemployment
b. Cyclical Unemployment
c. Structural Unemployment
d. Seasonal Unemployment
6. A prolonged period with large numbers of unemployed, declining incomes, and general economic hardship
a. Recession
b. Depression
c. Inflation
d. Stagflation
7. The central bank of the United States
a. United States Treasury
b. Ameribank
c. Federal Reserve System
d. Bank of America
8. The government program of spending and taxation to promote desired economic goals for the nation
a. Monetary Policy
b. Financial Policy
c. Fiscal Policy
d. Social Policy
9. Unemployment caused by people changing jobs
a. Frictional Unemployment
b. Cyclical Unemployment
c. Structural Unemployment
d. Seasonal Unemployment
10. This occurs when an organization spends more money than in takes in
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a. Budget deficit
b. Budget surplus
c. National debt
d. National surplus
The total value of all the goods and services produced within a country in a given year
a. Budget surplus
b. Budget Deficit
c. Gross Domestic Product
d. Gross National Product
A rise in the general level of prices
a. Stagflation
b. Inflation
c. Peak
d. Trough
A plan of government to regulate the money supply in the nation
a. Monetary Policy
b. Financial Policy
c. Fiscal Policy
d. Social Policy
The total amount of money a nation owes its creditors
a. Budget deficit
b. Budget surplus
c. National debt
d. National surplus
A decline in a country’s GDP for two or more consecutive quarters
a. Recession
b. Depression
c. Inflation
d. Stagflation
A period of large price inflation combined with no output growth, increasing unemployment, and a recession
a. Recession
b. Depression
c. Inflation
d. Stagflation
Unemployment that is caused by changes in technology or reduced demand for certain products and/or labor skills
a. Frictional Unemployment
b. Cyclical Unemployment
c. Structural Unemployment
d. Seasonal Unemployment
Goods that last for a relatively long time, such as refrigerators, cars, and DVD players
a. Inferior goods
b. Normal goods
c. Durable goods
d. Non-durable goods
Goods that last a short period of time, such as food, light bulbs, and sneakers
a. Inferior goods
b. Normal goods
c. Durable goods
d. Non-durable goods
20. A good that is sold to another country
a. Luxury goods
b. Normal goods
c. Exports
d. Imports
21. A good that is purchased from another country
a. Luxury goods
b. Normal goods
c. Exports
d. Imports
22. The level of employment reached when there is no cyclical unemployment
a. Full employment
b. Under-employment
c. Economic growth
d. Super-employment
23. The average of all prices in the economy
a. Domestic output
b. Aggregate supply
c. Equilibrium prices
d. Price level
24. Steady, long-term increase in real GDP
a. Economic production
b. Economic Expansion
c. Economic growth
d. Economic peak
25. A phase in the business cycle when economic decline is marked by falling real GDP
a. Recession
b. Stagflation
c. Expansion
d. Contraction