Science Quiz / Macroeconomics Mid-term

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Can you name the Macroeconomics Mid-term?

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HintAnswer
What is the basis of economics?
Why must choices be made?
The true cost of anything is what you must give up to produce something else, what kind of cost is that?
What kind of decisions and analyses are they if you are comparing the costs and benefits of doing just a bit more or less of something?
What is the word for exploiting opportunities to make themselves better off?
What is the level of economic analysis that deals with how my choices depend on your choices?
Why do individuals interact?
What is it called called when each person specializing in the task he or she is good at?
Where do markets normally move because individuals usually respond to incentives?
An economy is 'blank' if all opportunities to make some people better off without making other people worse off are taken.
What is the other way to evaluate an economy? Synonym: Fairness
What is the type of economics that advocates the use of monetary and fiscal policy to fight economic slumps?
What is a period of falling employment and output?
What is the short-run alternation between recessions?
What is the point called at which expansion turns to recession?
What is the point called at which recession turns to expansion?
What is the sustained upward trend in the economy's output over time?
What does the economy experience when the prices of most goods/services are rising, so that the overall level of prices is going up?
What does the economy experience when the overall level of prices is going down?
Since they can cause problems, what do economists and policy makers generally aim for?
What kind of economy is it when exports some things and imports others?
How do economists keep track of the flows of money between sectors?
What measures the value of all final goods and services produced in the economy?
What is the value of the final goods and services produced calculated using the prices of a selected base year?
What is the yearly percentage change in a price index? (typically CPI)
What equation is the ratio of nominal to real GDP x 100?
What is unaffected by inflation? (Mainly under assumption that it makes everyone poorer)
What makes the difference between nominal interest rate and real interest rate?
What is very costly, so much so that policy makers try to prevent inflation from rising too high?
HintAnswer
What is the thing that is the number of years it takes for real GDP per capita to double =70/annual growth rate of real GDP per capita
What is the key to long-term economic growth?
Which function shows how real GDP per worker depends on physical capital, human capital, and technology?
What estimates the contribution of each factor to a country's economic growth?
When is the government a source of savings? When it runs a ______
When is the government a source of dissavings?
What shows how loans from savers are allocated among borrowers with investment spending projects?
According to what is an increase in expected future inflation raises the nominal interest rate one-to-one so that the expected real interest rate remains unchanged?
What are the four main types of financial assets?
What is an asset created by pooling individual loans and selling shares of that pool to investors?
What are institutions like mutual funds, pension funds, life insurance companies, and banks called?
What holds that the prices of assets embody all publicly available information?
And they follow a...
Total change multiplier?
What does MPC stand for?
What shows how an individual household's consumer spending is determined by its current disposable income?
How about showing the relationship for the entire economy not just an individual household?
What says that investment spending is greatly influenced by the expected growth of real GDP?
What is the sum of planned investment spending and unplanned inventory investment?
What shows the relationship between the aggregate price level and the quantity of aggregate output demanded? It is downward sloping
What shows the relationship between the aggregate price level and the quantity of aggregate output supplied?
What causes the aggregate price level and aggregate output to move in the same direction as the economy moves along the short-run aggregate supply curve?
What causes the both curves to move in opposite directions as the economy moves along the aggregate demand curve?
What is the word for the bad occurrence of inflation and falling aggregate output? It is caused by a negative supply shock.
What is the percentage difference between actual aggregate output and potential output to summarize how the economy responds to recessionary and inflationary gaps?
Which way does the expansionary fiscal policy shift the aggregate demand curve?
Which way does the contractionary fiscal policy shift the aggregate demand curve?
What arises from deliberate actions by policy makers rather than the business cycle?
What number can measure the fiscal health, remain stable or fall even in the face of moderate budget deficits if GDP rises over time?

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