Question 1

Macroeconomics focuses on individual markets rather than national performance

Accepted Answer

false

Question 2

Economic growth refers to a decrease in the production of goods over time

Accepted Answer

false

Question 3

GDP measures the total monetary value of all final goods and services

Accepted Answer

true

Question 4

The expenditure approach uses the formula GDP = C + I + G + (X - M)

Accepted Answer

true

Question 5

"C" in the expenditure approach stands for Capital

Accepted Answer

false

Question 6

The expenditure approach measures the supply side of the economy

Accepted Answer

false

Question 7

The income approach sums up salaries, rent, interest, and profits

Accepted Answer

true

Question 8

Wages and salaries are considered part of the income approach

Accepted Answer

true

Question 9

The income approach measures the demand side of the economy

Accepted Answer

false

Question 10

Unemployment includes people who are not looking for work

Accepted Answer

false

Question 11

Frictional unemployment is considered short-term

Accepted Answer

true

Question 12

Cyclical unemployment occurs during economic downturns

Accepted Answer

true

Question 13

Structural unemployment is caused by a mismatch of skills

Accepted Answer

true

Question 14

The unemployment rate is calculated using the total working-age population as the denominator

Accepted Answer

false

Question 15

"X" in the GDP formula represents Imports

Accepted Answer

false

Question 16

To find the labor force, you add the number of employed and unemployed people

Accepted Answer

true

Question 17

GDP can be calculated for a specific year or a quarter

Accepted Answer

true

Question 18

Inflation is an aggregate indicator studied in macroeconomics

Accepted Answer

true

Question 19

Net exports are calculated as Imports minus Exports

Accepted Answer

false

Question 20

Real GDP is often used to measure economic growth

Accepted Answer

true

Economics