Tuesday, January 4, 2011


1. The process marcoeconomists use to track production, income, and consumption is known as national income accounting and provides information about the country 's economic activities.

2. The most widely used NIPA is gross domestic product.

3. Indirect taxes are taxes included in the final price of goods and services.

4. The business cycle is divided into 4 stages or phases.

5. The factors that affect supply and demand also cause the fluctuations in the business cycle.

6. To account for population increase economists usually measure economic growth per capita.

7. Productivity growth is defined by an increase in the output of each worker per hour of work.

8. 1 of the following important natural resources that the U.S. have to import is oil.

9. The amount of capital stock per worker called capital to labor ratio.

10. Capital deepening is when amount of a country's capital goods increase faster than the size of the country's workforce.

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