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QUIZ: Can you answer the questions on the Macroeconomics Exam Review?

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A type of economical conflict between two or more states.
All outputs used as inputs by other producers (bricks/cement for houses)
What happens to the unemployment rate during periods of rapid economic growth?
The outstanding stock of financial liabilities for the government , equal to the accumulation of past budget deficits.
What is deciding not to work because lack of pay or lack of your specific job called?
Government spending that isn’t included on GDP has no effect on what?
A group of countries that agree to have free trade among themselves and a common set of barriers against imports from the rest of the world.
What is any leftward shift in the AS curve that is not caused by excess demand in the markets known as?
The practice of selling a commodity at a lower price in the export market than in the domestic market
What is represented by the formula: (Y-Y*) ?
What diagram shows conumption and income as equals?
A cyclical balanced budget is over the course of how long?
Which way does the A/E curve shift when domestic price level falls?
The individuals who are not currently working and who are actively searching for a job are known as what kind of workers?
What do tariffs generate for the government?
An offsetting reduction of private expenditure caused by the rise in interest rates that follow an expansionary fiscal policy.
Why is an annually balanced budget bad?
An economic term describing capital flowing out of (or leaving) a particular economy.
The portion of money that a bank actually holds as reserves in the form of cash/deposits with the central bank.
The difference between the government’s overall budget deficit and its debt service payments.
A new industry, which experiences difficulty or is incapable of competing with competitors abroad.
What happens to the Canadaian Dollar if we adopt a contractionary monetary policy?
What does Canada need to value and price during trading?
Tariffs are put in place to raise what of the imported products?
What country is often associated with cheap labour?
What is unemployment resulting from normal turnover in labour market as workers move between jobs?
The interest rate the Bank of Canada charges commercial banks for loans.
What can the goverment do after shock, to reduce cyclical unemployment?
What does a currency do when it has become more valuable?
How does the bank validate inflation?
What is caused by a positive aggregate demand shock
Measured in constant dollars. Changes only when quantities change.
Can be interpreted as the amount of import goods an economy can purchase per unit of export goods.
What type of run occurs when Real GDP goes up?
What does NAFTA not impose on imports and exports?
What is unemployment due to deviations of GDP from Y* called?
What does PPP stand for?
What is calculated by the cumulative loss in real GDP, expressed as a % of potential output, divided by the % reduction in the inflation rate.
What is the name for the bond that offers a coupon rate higher than prevailing interest rates.
The situation that exists when a country can produce a good with less forgone output of other goods than another country can.

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