| Macro Question | Answer |
|---|
| the bottom of the business cycle | |
| This indicates that for every one percentage point by which the actual unemloyment rate exceeds the natural rate, a negative GDP gap of two percent occurs | |
| The _____________ _______________ of unemployment ranges around 4-5% | |
| The top of a business cycle | |
| A product that's price doesn't change often is referred to as a product that has a _____________ price | |
| Long-run economic growth and the short-run fluctuations in output and employment are often referred to as the | |
| This is the measure of the price of a specified collection of goods and services, called a 'market basket' in a given year as compared to the price of an identical collection of go | |
| These are good and services that are purchased for resale or for further processing or manufacturing. | |
| A period in which output per person rises 2-3% | |
| When you receive an adjustment to your income that meets or beats inflation it is better known as this acronym | |
| This measure the value of final goods and services produced within the borders of a given country during a given period of time, typically a year | |
| People who are under the age of 16 and are _______________________ are not part of our work force | |
| A decline in the price level | |
| This type of income is the number of dollars received as wages, rent, interest, or profits | |
| The state a person is in if he or she cannot get a job despite being willing to work and actively seeking work. | |
| This type of unemployment refers to the unemployment of workers whose skills are not demanded by employers, who lack sufficient skill to obtain employment, or who cannot easily mov | |
| This type of unemployment is caused by a decline in total spending | |
| A store of output that been produced but not yet sold | |
| Countries that can simply adopt existing technology from rich leader countries to improve their GDP are referred to as _________________ countries | |
| If a country grows at 8% per year how long will it take them to double their output in years | |
| In the expenditure approach 'X' sub 'n' stands for | |
| This type of inflation occurs from an increase in resource costs, creating a reduction in aggregate supply | |
| This type of income is a measure of the amount of goods and services it can buy | |
'A' Game
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