Growth
The calculation for Gross Domestic Product.
What is: Consumption + Investments + Government Spending + Net Exports?
The Phillips Curve.
What is the relationship between inflation and unemployment?
The minimum age for being counted as employed or unemployed.
What is 16 years of age?
The three major concerns of macroeconomics.
What is growth, prices and employment?
The types of fiscal policies.
What is taxes, government spending and regulations?
Stages of the business cycle.
What is the trough, expansion, peak and recession?
The measurement for price changes.
What is the Consumer Price Index?
The natural rate of inflation.
What is the level of unemployment that occurs as a normal part of the economy; also thought to be the sum of frictional and structural unemployment.
Participants in the economy.
What is households, businesses and the government?
Disposal income.
What is income minus taxes?
Definition of a recession.
What is two consecutive quarters of negative growth as measured by GDP?
The government agency responsible for reporting monthly changes in prices.
What is the U.S. Bureau of Labor Statistics?
The impact of a recession on employment.
What is higher unemployment?
Author of the "Wealth of Nations".
Who is Adam Smith?
Keynesian theory of consumption.
What is the relationship between consumption and income, whereas consumption increases as income increases but not equally since some of the additional income is saved?
GDP adjusted for inflation.
What is real GDP?
The types of price changes.
What is inflation, deflation, stagflation and hyperinflation?
The economic cost of high unemployment.
What is lower aggregate incomes, reduced demand for goods and services, slower growth as measured by GDP, and increased government services?
The relationship between the marginal propensity to consume and the marginal propensity to save.
What is MPC + MPS = 1?
The spending multiplier if MPC = .75
What is 4x?
An increase in unplanned inventories causes this chain of events.
What is a reduction in output, causing a decrease in employment, followed by a decrease in aggregate income, and ending with lower consumption?
The three primary causes of inflation.
What is cost-push inflation, demand-pull inflation and inflation expectations?
The types of unemployment.
What is frictional unemployment, structural unemployment and cyclical unemployment?
The markets identified in the circular flow of the economy.
What is the market for goods and services, the market for the factors of production, and the financial markets?
The tax multiplier.
What is -(MPC/MPS)