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Test2AS - Name Date Use the following to answer question 1...

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Name: __________________________ Date: _____________ Use the following to answer question 1: Figures: The Unemployment Rate and Aggregate Output 1. (Figures: The Unemployment Rate and Aggregate Output) Between 1929 and 1933, the economy was in a state of: A) stagflation. B) expansion. C) depression. D) long-run growth. Page 1
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2. The topics studied in macroeconomics include: A) the price of a motorcycle. B) the wages of engineers. C) the average price level in the economy. D) how much ice cream consumers buy. 3. The topics studied in macroeconomics include: A) inflation. B) monopolies. C) spillovers like pollution. D) mergers. 4. Economic aggregates are: A) valuable minerals. B) measures that summarize data across markets. C) economic data from a particular market. D) data from a particular firm. 5. A “rubber necking” traffic jam is an example of: A) microeconomics in action. B) individual behavior that has a large aggregate impact. C) the paradox of thrift. D) an outcome smaller than the sum of its parts. 6. According to the circular flow diagram, which of the following economic agents engages in consumer spending?
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