Macroeconomics Trivia at Lightspeed

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Can you name the Macroeconomics potpourri at lightspeed?

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Hint or DefinitionAnswer (lower case only)Extra Info
GNP definitionno commas
how much an economy can produce utilizing all of its resources effectivelytakes some unemployment into account
money required to buy goods and services (necessary to complete transactions)
other internal mechanism that translates external shocks into waves of business cycle having to do with increased demand leading to increased investment
Classical economists 2 automatic mechanismsWrite out all the way, just a comma in between
the utility brought about by the next additional equal unit of a good or service
RNNP definitionno commas RNNP = NNP x (100/CPI)
Economy determines that a particular commodity will be used as money
Coins and Currency outside of financial institutions, demand deposits (checking accounts) excluding gov't and foreign deposits, and other checkable deposits (deposits you can writealso known as M1
unemployment caused by a mismatch of jobs and workers, either because of geography or skills
If you side with labor, businesses raise prices, so workers have to demand higher wages, so businesses have to raise prices again to increase in cost of doing business, etc. If you
high point in business cycle
a horizontal line because the economy is far enough below PO that there are enough surplus workers and surplus factory capacity, so businesses can increase production without raisi
MPSjust the name
GDP definitionno commas
Money stored as numbers on a computer
Tax where when your income goes up, the percentage of your income paid in taxes goes down
result of gov't deficit
Believe gov't should intervene in the economy using monetary policy, shrinking the money supply to fight inflation and augmenting the money supply to fight unemploymentplural
In terms of AS and AD, and increase in prices caused by a decrease in AS, which is caused by and increase in the cost of doing business
RNDP definitionno commas RNDP = NDP x (100/CPI)
Internal Mechanism that takes external shocks and translates them into the waves of the business cycle having to do with durable goods
falling in business cycle
MPCjust the name
Upward-sloping to the right. Some sectors of the economy are in the Keynesian Phase, some sectors of the economy are in the Classical Phase. Those sectors of the economy in the Key
Argue that by the time the gov't has recognized the problem, taken steps to fix the problem, and those steps have taken effect, the economy will have already corrected itself. Gov'plural
Hint or DefinitionAnswer (lower case only)Extra Info
Assuming a fixed money supply, an increase in prices will result in an increase in the transactions demand for money
Measure of how many times the money supply must turn over to buy GDP (ON AVERAGE)
The Fed. has a portfolio of gov't bonds which they buy and sell on the open market
Inflationary Gap
rising in business cycle
C+I+G+X
total of all past debt minus the past surpluses, if the surpluses were used to pay down the debt
People who use the service pay the tax. People who don't use the service don't pay the tax.
Something that is money because the gov't says it's money
NNP definitionno commas
annual 1-year difference when expenditures exceed revenues
Suggests inverse relationship between inflation and unemployment. If you want lower unemployment, you have to accept higher inflationalso a result of stagflation
Banks can call in loan whenever with proper notification
MPS definition
Taxes are a disincentive. Increase tax rate, at a point people will stop working extra due to disincentive, so gov't revenue will decrease
Say's Law
RGNP definitionno commas RGNP = GNP x (100/CPI)
A vertical line at or usually shown just beyond PO because there is a limit to what the economy can produce. At that point, if people want more, the only thing that can happen is t
a finished product used to produce other goods or services
Trading of goods and services for other goods and services
MPC definition
A measure in the change of prices, both in inflation and deflation, from the base yearFound by attaching prices to a lot of goods and services. CPI=(current year prices/base year prices)x100
A tax on the value added at each stage of production
taxes are assessed in brackets. A certain amount of income is assessed a certain tax
spending, usually by a business, on capital goods, changes in inventory, and construction
RGDP definitionno commas. RGDP = GDP x (100/CPI)
Hint or DefinitionAnswer (lower case only)Extra Info
The interest rate that the Fed. charges member banks for loans
(unemployed people actively seeking a job)/(unemployed job seekers + employed)
Components of AS
Deflationary Gap
The percentage of deposits that a bank needs to keep on hand
The interest rate that banks charge other banks for overnight loansFed. sets a target rate
the stuff we buy
unemployment caused by a downturn in the business cycle
tax where when your income goes up, the percentage of your income paid in taxes stays the same
relates GDP to level of prices
unemployment caused by people entering or reentering the job market or voluntarily between jobsinclude 'unemployment'
measure of how gov't debt has increased GDP
increase in prices due to an increase in demand
Mutual funds which act like savings accounts and try to keep cost of share at $1
keynesian phase, classical phase, intermediate phase
NDP definitionno commas
manipulate the aggregate supply curve instead of the aggregate demand curve. Since GDP goes up, unemployment goes down. Since the LOP goes down, inflation goes down.
a payment, usually by the government, for which no goods or services are received in return
goods which are difficult for private corporations to provide and difficult to charge people for their use
If gov't comes in with increased demand for money, interest rates will go up, so GDP will decreaseForeign countries help keep this from happening because they add a lot of money to the supply
tax where when your income goes up, the percentage of your income paid in taxes goes up
Equilibrium in terms of savings, investment, taxes, gov't spendingno space, all caps
low point in business cycle
NAIRUmeans that you can decrease unemployment to a certain point (NAIRU) before having increasing inflation
M1 and savings accounts, small-time deposits, and certain other accounts like money market mutual fundsalso known as M2
inflation will tend to stay at the same rate unless there is a supply-side or demand-side shock

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