Miscellaneous Quiz / Macroeconomics Review Granning Ch6-9

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Can you name the Macroeconomics Review Granning Ch6-9?

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

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