Home » Macroeconomist are concerned about all of the following issues EXCEPT a. Price determination of individual goods b. Fiscal and Monetary policy c….

Macroeconomist are concerned about all of the following issues EXCEPT a. Price determination of individual goods b. Fiscal and Monetary policy c….

1. Macroeconomist are concerned about all of the following issues EXCEPT a. Price determination of individual goods b. Fiscal and Monetary policy c. Economic Growth and Business Cycles d. Inflation and Unemployment

2. Which of the following best describes the current size of the US economy? (pick the best answer) a. The Real GDP of the US economy in 2017 was approximately 1.83 trillion dollars. b. The real GDP of the US economy in 2017 was approximately 183 billion dollars c. The real GDP of the US economy in 2017 was approximately 18.3 trillion dollars d. The real GDP of the US economy in 2017 was approximately 1830 billion dollars

3. True/False: “the Productivity Slowdown” in US refers to the slow down in Average Labor Productivity from mid 1970’s to mid 1990’s.

4. True/False: Monetary Policy is conducted by the Federal Reserve, while Fiscal Policy is conducted by the Federal Government.

5. True/False: The full-employment level of Y is the level of output that firms in the economy supply when the labor market has cleared.

6. The US civilian unemployment rate (based on UNRATE) – the one most often quoted is currently at ________%.

7. Suppose that the # of Employed = 160 million, # of Unemployed = 10 million, and the Adult Civilian Population = 240 million. In this case the labor force participation rate equals ______(# in %) and the Employment to Adult Civilian Population ratio equals _______ (# in %).

8. Suppose that the net government income = $350 billion and the Government Expenditure (G) equals $500 billion. In this case, government savings is positive/negative (circle best answer), and is hence the government budget is equal to ______________.

9. The output gap is ________________ when actual output is above the full potential level of output. In this case actual unemployment is _________________ the natural rate of unemployment.

10. The two main sources of economic growth are ______________ growth and growth in ______________________.  

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