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The macroeconomic consequence of unemployment is:

Viewpoint #1: A market-based economy is a naturally unstable place, fluctuating between periods of high unemployment and high inflation.Viewpoint #2: Government should take a hands-on approach to the economy, managing the level of total spending so that macro goals can be achieved.

Government spending on income transfer programs is:

   What is the value of Real GDP for 2007, expressed in base year prices?

   What is the value of the Marginal Propensity to Consume (MPC)?

From the macro perspective, the value of total output must equal the value of total income in an economy because:

A phantom unemployed person is:

Suppose the US President and Congress agree to send economic recovery checks to American citizens: $1,400 for an individual, $2,800 for a couple and $500 for each child. How will the US economy be impacted by this event?

During a typical recession, total consumer spending on houses and cars will ________ , and total consumer spending on clothing and services will __________ .

   What is the value of Real GDP for 2007, expressed in base year prices?