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Cards In This Set
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1)
Which of the following topics is a primary concern of macro economists?
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· fluctuations in the level of aggregate economic activity
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2) Primarily, macroeconomists use microeconomic principles
to study
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· long-run economic growth and business cycles.
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3) Gross Domestic Product is
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· the quantity of goods and services produced within a country's borders during some specified period of time.
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4) Business cycles in macroeconomics are . |
· short-run ups and downs in aggregate economic activity.
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5) Gross National Product is |
· the quantity of goods and services produced by Canadian residents domestically and abroad during some specific period of time.
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6) Since 1870, the typical Canadian |
· became almost fourteen-times as rich.
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7) The two key business cycle events in Canadian economic history were |
· World War II and the Great Depression.
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8) The relationship between the level of growth of an economic variable, gt , and its level, yt , is best approximated as |
· gt= log yt – log yt-1
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9) The business cycle component of the log of real per capita GDP is equal to
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· log of actual real per capita GDP - log of trend per capita GDP.
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10) Sometimes it is useful to separate economic movements into
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· long run growth from business cycle fluctuations
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11)
For the study of economic growth, it is most helpful to examine movements
in ________; for the study of business cycles, it is most helpful to examine
movements in ________.
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· trend GDP; deviations from trend in GDP
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12) The largest deviation in real per capita GDP from trend GDP occurred |
· during the Great Depression and World War II.
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13) Macroeconomists use models
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· to explain long-run economic growth.
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14) To be useful, macroeconomic models
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· must be simple.
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15) The structure of a macroeconomic model involves |
· the available technology.
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