Human error that occurs when a transaction is calculated into an income multiple times
What is multiple counting?
100
Inflation caused by increasing production costs
What is cost-push inflation
100
Kind of unemployment that consists of search unemployment and wait unemployment
What is frictional unemployment
100
Sustained increase in a nation's output of goods and services from year to year
What is economic growth
200
NDP - indirect business taxes
What is national Income?
200
Ignores leisure, product qualitym per capita output, and non-economic sources of well-being
What are shortcomings of GDP?
200
Type of inflation caused by excess demand to limited real output
What is demand-pull inflation
200
Kind of unemployment that is caused by a decline in total spending
Cyclical Unemployment
200
Period in wich real GDP declines for at least two consecutive quarters
What is recession
300
C + I + G + Xn = GDP
What is the Expenditures approach
300
Measure of growth adjusted for inflation/deflation
What is Real GDP?
300
inflation that takes people by surprise—can hurt creditors.
What is unexpected inflation
300
Rule that estimates GDP gap per unemployment
What is Okun's law
300
What is the model attributed to Adam Smith.
What is classical model
400
Ratio between market baskets in different years
What is price index?
400
Second hand sales, black market sales, intermediate goods
What are things that GDP excludes?
400
Increase in overall price level
What is inflation
400
People who want to work but cannot find jobs, grow discouraged, and stop looking for work, thus dropping out of the ranks of the unemployed and the labor force?
What are discouraged workers?
400
Name the model where people act independently on the basis of full and relevant information.
What is neoclassical model
500
Nominal GDP/Price Index
What is Real GDP
500
Covers payments on both durable and non-durable goods as well as services
What is consumption?
500
the difference between the interest rate on a loan and the inflation rate.