What does macroeconomics study?
AnswerThe economy as a whole
Macro looks at national and global output, prices and jobs.
Money · Facts & stats
Macro facts & stats
7 fact-checked facts about macroeconomics, inflation, growth and the big economic picture, each with the reason behind it. 5 more are in today's round and join this page after it closes.
The basics
What does GDP stand for?
AnswerGross Domestic Product
GDP measures the value of goods and services produced in a country.
Going deeper
What is the central bank of the United States?
AnswerThe Federal Reserve
The Federal Reserve sets US monetary policy.
A common rule of thumb defines a recession as what?
AnswerTwo straight quarters of falling GDP
Two consecutive quarterly GDP declines is a widely used shorthand.
The stock market crash that helped start the Great Depression happened in which year?
Answer1929
The October 1929 crash preceded the Great Depression.
Expert level
The Laffer curve relates which two things?
AnswerTax rates and tax revenue
It suggests revenue can fall if tax rates are set too high or too low.
Milton Friedman is most associated with which school of thought?
AnswerMonetarism
Monetarism stresses the role of the money supply in the economy.
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