Question 1

A trade deficit occurs when:

Accepted Answer

A trade deficit occurs when exports are less than imports.

Question 2

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 3

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 4

The United States imports approximately ____ percent of all goods and services produced in the country.

Accepted Answer

In 2014 the United States exported about 13 percent of all the goods and services it produced and imported from abroad 16 percent of the goods and services that Americans used.

Question 5

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 6

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

Accepted Answer

A trade surplus occurs when exports exceed imports.

Question 7

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 8

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 9

The unemployment rate in the United States:

Accepted Answer

Even in the so-called good times, such as the1960s and the 1990s, some people are unemployed as people move between jobs or lack the skills needed for the existing jobs.

Question 10

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

Accepted Answer

A trade surplus occurs when exports exceed imports.

Question 11

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

Accepted Answer

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

Question 12

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 13

Inflation is the increase in:

Accepted Answer

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

Question 14

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 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 in the United States at the peak of the Great Depression was _____ percent.

Accepted Answer

During the Great Depression, the unemployment rate rose from about 3 percent in 1929 to about 25 percent in 1933.

Question 17

The unemployment rate is the:

Accepted Answer

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

Question 18

The United States exports approximately ____ percent of all goods and services produced in the country.

Accepted Answer

In 2014 the United States exported about 13 percent of all the goods and services it produced and imported from abroad 16 percent of the goods and services that Americans used.

Question 19

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

Accepted Answer

A trade deficit occurs when exports are less than imports.

Question 20

A trade surplus occurs when:

Accepted Answer

A trade surplus occurs when exports exceed imports.

Quiz 4: Macroeconomics: the Birds-Eye View of the Economy

A trade deficit occurs when:

Major macroeconomic questions include all of the following EXCEPT:

A trade imbalance occurs when:

The United States imports approximately ____ percent of all goods and services produced in the country.

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

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

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

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:

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

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

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.

Inflation is the increase in:

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

Major macroeconomic questions include all of the following EXCEPT:

The unemployment rate in the United States at the peak of the Great Depression was _____ percent.

The unemployment rate is the:

The United States exports approximately ____ percent of all goods and services produced in the country.

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

A trade surplus occurs when: