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Macroeconomic Equilibrium: Help and Review Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

Page 1

Question 1 1. Which of the following statements regarding recessions is FALSE?

Question 2 2. Which of the following statements regarding full employment GDP is FALSE?

Question 3 3. What is the equation for the GDP deflator?

Question 4 4. How do real GDP and nominal GDP differ?

Question 5 5. Which of the following statements about the Great Recession is TRUE?

Page 2

Question 6 6. How do the effects of the Great Depression and the Great Recession compare to each other?

Question 7 7. What's a depression?

Question 8 8. Why is unemployment not equal to zero at the full employment level of output?

Question 9 9. Which of the following are the two phases and the two turning points of the business cycle?

Question 10 10. Which of the following BEST defines inflation?

Page 3

Question 11 11. Economists recognize that the economy doesn't grow smoothly, but in regular patterns. Which of these terms best describes this?

Question 12 12. Classical economists also refer to full employment as _____.

Question 13 13. What happens to economic output as measured by GDP during a recession?

Question 14 14. If nominal GDP is $10 billion and the inflation rate is 5%, then what is real GDP?

Question 15 15. How do increases in the price level impact GDP?

Page 4

Question 16 16. What is the non-accelerating inflation rate of unemployment?

Question 17 17. According to this chart, what was the unemployment rate during the peak of the business cycle?

Question 18 18. What is full employment GDP?

Question 19 19. What happens to real GDP, prices and unemployment at the peak of a business cycle?

Question 20 20. What common rule of thumb do economists use to define a recession?

Macroeconomic Equilibrium: Help and Review Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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