Exam 6: Macroeconomics: the Big Picture

A rubbernecking traffic jam is an example of:

In 1936 economic theory changed dramatically with the publication of:

Recessions are periods when:

If during several months the economy is simultaneously increasing its levels of output and employment, then the economy is in a(n):

If an economy is open:

A period of falling real GDP is a(n):

Long-run growth is the sustained upward trend in:

The point on a business cycle when real GDP stops falling and begins rising is a(n):

In an open economy:

A pattern of expansion, then recession, then expansion again is a(n):

In a typical business cycle, the peak is immediately followed by the:

The General Theory of Employment, Interest, and Money was written by:

Inflation:

Promotion of employment and growth in the economy as a whole is the focus of:

Setting government spending and taxes in an effort to change overall spending in an economy is use of:

Keynesian economics promotes ideas:

If workers' nominal wages have risen by 50% over a 10 years and prices have increased by 40% in that same period, then we can safely conclude that the amount of goods and services workers can buy has:

What are Keynesian policies?

The peak of the business cycle provides evidence that the recession is over.

Your boss is impressed with your performance over the past year and has decided to give you a 5% increase in your salary. Are you unambiguously better off with your increased salary? What factors must be considered?