Macroeconomics Review Granning Ch6-9

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Macro QuestionAnswer
People who are under the age of 16 and are _______________________ are not part of our work force
These are good and services that are purchased for resale or for further processing or manufacturing.
Which product has the least 'sticky prices'
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 bottom of the business cycle
This type of income is the number of dollars received as wages, rent, interest, or profits
If a country grows at 8% per year how long will it take them to double their output in years
The state a person is in if he or she cannot get a job despite being willing to work and actively seeking work.
Long-run economic growth and the short-run fluctuations in output and employment are often referred to as the
The top of a business cycle
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
In the expenditure approach 'C' stands for
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
When you receive an adjustment to your income that meets or beats inflation it is better known as this acronym
Extraordinarily rapid inflation
A period in which output per person rises 2-3%
In the expenditure approach 'G' stands for
This type of inflation is when the price level resulting from an excess of demand over output at the existing price level
This type of inflation occurs from an increase in resource costs, creating a reduction in aggregate supply
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
The _____________ _______________ of unemployment ranges around 4-5%
A store of output that been produced but not yet sold
The main measure of inflation in the United States is the ________________ __________________ index
Macro QuestionAnswer
In determing GDP you can use the income approach or the _____________________ approach
This type of income is a measure of the amount of goods and services it can buy
This invention is responsible for the last acceleration in the growth of our economy
Reductions in per-unit production costs that result from increases in output levels are called (Ex. Walmart can charge less for a bar of soap because they can buy in bulk in compar
This type of unemployment refers to workers who are either searching for jobs or waiting to take jobs in the near future
The general increase in prices refers to this concept
These type of countries usually experience a 2 or 3 percent per year modern economic growth
In the expenditure approach 'X' sub 'n' stands for
a period of recovery in a business cycle
This type investment involves purchasing stocks, bonds etc.
A product that's price doesn't change often is referred to as a product that has a _____________ price
Countries that can simply adopt existing technology from rich leader countries to improve their GDP are referred to as _________________ countries
A decline in the price level
These types of payments are excluded from the GDP because it would result in 'multiple counting'
This totals the dollar value of all goods and services produced within the borders of a given country using their current prices during the year that they were produced
this type of investment involves the creation and expansion of business enterprises
This refers to the unexpected change in the demand or supply of goods and services
This occurs when current consumption is less than current output
Those who are potential workers but are not employed and are not seeking work are referred to as
In the expenditure approach 'I' stands for
These type of goods are consumption goods, capital goods and services that are purchased by final user
a period of decline in a business cycle
This type of unemployment is caused by a decline in total spending

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Created Jan 7, 2011ReportNominate
Tags:macroeconomic, review