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Advanced Macroeconomics Quiz

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1. Which of the following best describes the concept of gross domestic product (GDP)?

2. What macroeconomic issue does the Phillips curve illustrate?

3. What term is used to describe a period of economic decline spread across the economy that occurs more often than anticipated?

4. A country running a current account deficit is essentially doing what?

5. Which of the following would cause a decrease in the aggregate demand?

6. What does it mean when the federal government finances deficit spending through bond sales?

7. What is 'fiscal policy'?

8. What does a rightward shift of the demand curve represent?

9. What concept is depicted by the Lorenz Curve in economics?

10. How does an increase in the general level of prices affect the value of money?