Question 1

Macroeconomic issues include all of the following EXCEPT:

Accepted Answer

Major macroeconomic issues include productivity, economic growth, and recessions and expansions.

Question 2

In the 1950's and 1960's the European unemployment rate tended to be ________ the U.S. unemployment rate, while in the 1990's the European unemployment rate tended to be ________ the U.S. unemployment rate.

Accepted Answer

During the 1950s and 1960s, European unemployment rates were generally much lower than those in the United States, while in the 1980s and 1990s unemployment rates in Western Europe were roughly double those in the United States.

Question 3

A trade surplus occurs when:

Accepted Answer

A trade surplus occurs when exports exceed imports.

Question 4

In 2016 the United States imported approximately ________ percent of all goods and services produced in the country.

Accepted Answer

In 2016, the United States exported about 12 percent of all the goods and services it produced and imported from abroad 15 percent of the goods and services that Americans used.

Question 5

In 2016 the United States exported approximately ________ percent of all goods and services produced in the country.

Accepted Answer

In 2016, the United States exported about 12 percent of all the goods and services it produced and imported from abroad 15 percent of the goods and services that Americans used.

Question 6

The rate at which prices in general are increasing is called the:

Accepted Answer

The inflation rate is the rate at which prices in general are increasing over time.

Question 7

In Econland exports equal 25 percent of total output, while imports equal 20 percent of total output. Econland has a:

Accepted Answer

A trade surplus occurs when exports exceed imports.

Question 8

A trade deficit occurs when:

Accepted Answer

A trade deficit occurs when exports are less than imports.

Question 9

Before 1970 the United States generally had a trade ________ and since 1970 the United States has generally run a trade ________.

Accepted Answer

Prior to the 1970s the United States generally had a trade surplus, exporting more than it imported. Since the 1970s, however, imports to the United States have outstripped exports, creating a trade deficit.

Question 10

The unemployment rate in the United States:

Accepted Answer

Even in the so-called good times, such as the 1960s and the 1990s, some people are unemployed as people move between jobs or lack the skills needed for the existing jobs.

Question 11

Major macroeconomic questions include all of the following EXCEPT:

Accepted Answer

Major macroeconomic questions include the causes economic growth, why inflation vary over time and across countries, and what are the causes of unemployment.

Question 12

In Econland exports equal 15 percent of total output, while imports equal 20 percent of total output. Econland has a:

Accepted Answer

A trade deficit occurs when exports are less than imports.

Question 13

A trade imbalance occurs when:

Accepted Answer

A trade imbalance occurs when the quantity of a country's exports differs significantly from the quantity of imports.

Question 14

Major macroeconomic issues include differences across countries in all of the following EXCEPT:

Accepted Answer

Major macroeconomic issues include differences across countries in inflation rates, unemployment rates, and economic growth rates.

Question 15

Major macroeconomic questions include all of the following EXCEPT:

Accepted Answer

Major macroeconomic questions include whether free trade agreements beneficial, if inflation be reduced without generating additional unemployment, and what causes slowdowns in productivity growth.

Question 16

The unemployment rate is the:

Accepted Answer

The unemployment rate is computed as the number of unemployed divided with the labor force.

Question 17

If its exports are greater than its imports, then a country has a:

Accepted Answer

A trade surplus occurs when exports exceed imports.

Question 18

Inflation was a major problem in the United States during the:

Accepted Answer

In recent years inflation has been relatively low in the United States, but that has not always been the case. During the 1970s, inflation was a major problem; even described as "public enemy number one.

Question 19

If the unemployment rate increases from 4 percent to 10 percent, then the economy is mostly likely in a(n):

Accepted Answer

Unemployment usually rises during recessions and falls during expansions.

Question 20

Inflation is the increase in:

Accepted Answer

The inflation rate is the rate at which prices in general are increasing over time.

Quiz 16: Macroeconomics: The Birds Eye View of the Economy

Macroeconomic issues include all of the following EXCEPT:

In the 1950's and 1960's the European unemployment rate tended to be the U.S. unemployment rate, while in the 1990's the European unemployment rate tended to be the U.S. unemployment rate.

A trade surplus occurs when:

In 2016 the United States imported approximately ________ percent of all goods and services produced in the country.

In 2016 the United States exported approximately ________ percent of all goods and services produced in the country.

The rate at which prices in general are increasing is called the:

In Econland exports equal 25 percent of total output, while imports equal 20 percent of total output. Econland has a:

A trade deficit occurs when:

Before 1970 the United States generally had a trade and since 1970 the United States has generally run a trade .

The unemployment rate in the United States:

Major macroeconomic questions include all of the following EXCEPT:

In Econland exports equal 15 percent of total output, while imports equal 20 percent of total output. Econland has a:

A trade imbalance occurs when:

Major macroeconomic issues include differences across countries in all of the following EXCEPT:

Major macroeconomic questions include all of the following EXCEPT:

The unemployment rate is the:

If its exports are greater than its imports, then a country has a:

Inflation was a major problem in the United States during the:

If the unemployment rate increases from 4 percent to 10 percent, then the economy is mostly likely in a(n) :

Inflation is the increase in: