Miscellaneous Quiz / Economic Concepts -- Macroeconomics

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Can you name the Economics Concepts -- Macroeconomics?

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DefinitionWord or Phrase
The market value of all final goods and services produced within a country in a year
An extremely high rate of inflation, typically greater than 50% per year
An economic variable that has been adjusted for changes in prices
A significant, widespread decline in real income and employment
Research organization based in Cambridge, MA that determines when recessions and expansions begin
The 'rules of the game' -- including laws, regulations, customs, practices, organizations and social mores -- that structure economic incentives
Point in the Solow Growth Model where investment equals depreciation so that capital stock is neither increasing nor decreasing
The decrease in private consumption and investment that occurs when the government borrows more
Adults who do not have a job but who are actively looking for a job
Category for jobless individuals who aren't looking for a job
Workers who have given up looking for work but who would still like a job
Short-term unemployment caused by the ordinary difficulties of matching employee to employer
Persistent, long-term unemployment caused by long-lasting shocks or economic institutions that make it hard for some workers to find jobs
Third type of unemployment that isn't part of the natural rate of unemployment
The U.S. economy's main inflation gauge, measures the average price of a basket of goods bought by the typical household
Measure of inflation that excludes the prices of volatile items such as energy and food
Mv = PY
Because v is constant in the long-run, the inflation rate will equal the growth rate of money minus the growth rate of real GDP
DefinitionWord or Phrase
The average number of times a dollar is spent on final good and service in a year
A decrease in the average level of prices
A reduction in the inflation rate
When people mistake changes in nominal prices for changes in real prices
The tendency of nominal interest rates to rise with expected inflation rates
When government pays off its debt by printing money
Macroeconomic model that assumes that all prices are flexible, so only growth shocks cause business cycles
The view that the level and growth of the money supply doesn't affect the economic growth rate
Economist whose General Theory of Employment, Interest and Money (1936) explained that when prices aren't perfectly flexible, deficiencies in aggregate demand can cause recessions
Government policy on taxes, spending and borrowing that is designed to influence business fluctuations
The additional increase in aggregate demand caused when expansionary fiscal policy (e.g. government spending) triggers additional spending
Changes in fiscal policy that stimulate aggregate demand in a recession without the need for explicit action by policymakers (e.g. unemployment insurance)
The profits made by government from issuing money
Anything that serves as a medium of exchange, unit of account and store of value
'The bad money drives out the good' (up to a certain point)
Money that’s backed by nothing physical, only by the faith of users
The ability of an asset to be turned into a means of payment easily and cheaply
The interest rate at which banks lend excess reserves to each other

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