Sophia Macroeconomics Unit 1 Challenge 1 Questions and Answers Already Passed

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Which of the following statements describes macroeconomics? c.) It looks at the overall ups and downs of the economy. Microeconomics involves decisions made by __________. c.) firms and household ... s Macroeconomics would include the study of __________. d.) national infrastructures Which of the following topics can macroeconomics help a person understand? c.) The impact of global trade Studying macroeconomics helps us learn about the value and limitations of __________, which occurs across nations, typically involving foreign exchange transactions. d.) global trade Macroeconomists look at __________ to study the overall health of the economy. b.) economic indicators In the Circular Flow diagram, households __________. b.) purchase final goods and services This study source was downloaded by 100000831988016 from CourseHero.com on 06-22-2022 15:19:41 GMT -05:00 https://www.coursehero.com/file/72123817/Macro-Unit-1-Challange-1docx/ In the Circular Flow model, governments __________ d.) produce some final goods and services In the Circular Flow model, what do firms purchase? b.) Labor from households Which statement below is NOT true about GDP? c.) It includes value from leisure. GDP is best described as __________. c.) the value of economic activity that takes place in a country in a given year GDP per capita is often used to measure the ______. d.) standard of living In 2009, the yearly tuition at a state university is $20,000. In 2017, the yearly tuition at the same state university is $31,000. Using the price of tuition for reference, the inflation rate of the U.S. dollar increased by a factor of __________ in eight years. c.) 1.55 In 2010, the average cost of a house in France is 126,000 euros. In 2018, the average cost is 154,000 euros. This study source was downloaded by 100000831988016 from CourseHero.com on 06-22-2022 15:19:41 GMT -05:00 https://www.coursehero.com/file/72123817/Macro-Unit-1-Challange-1docx/ Using the price of the average house for reference, the inflation rate of the Euro increased by a factor of __________ in eight years. b.) 1.22 In January 2008, a bag of rice cost five million Zimbabwean dollars. Several months later, the same bag of rice cost 250 million Zimbabwean dollars. Using the price of rice for reference, the inflation rate of the Zimbabwean dollar increased by a factor of __________ in just a few months. a.) 50 When GDP growth is at its maximum, given current resources, the business cycle is said to be in which phase? c.) Peak The business cycle period in which the economy shows growth is the __________. c.) expansion A _________ is a decline in economic activity that lasts more than a few months and is visible in _________. d.) recession; real GDP Which of the following policies is implemented when the economy is growing too quickly? b.) A tax increase by the government [Show More]

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