GDP
This is the full name for GDP.
What is gross domestic product?
Introduction of new technology results in this effect on Consumer Price Index (CPI).
What is a source of inaccuracy?
The labor force includes anyone who has worked or attempted to find work in this period of time.
What is 4 weeks?
This kind of economics encompasses more than just the study of the economics of a single market.
What is macroeconomics?
This is the full name of the dude who came up with Keynesian economics.
Who is John Maynard Keynes?
This is the what the “C” in the equation Y = C + I + G + NX stands for.
What is consumption?
Consumers buy cheaper goods to substitute for more expensive goods.
What is substitution bias?
People in these programs/situations/places are NOT counted toward employment.
What is the military/hospital/prison?
This type of money is also known as “debt financing.”
What are bonds?
Keynesian economics supports this kind of government intervention.
What is active government intervention?
This term is less extreme than CPI In terms of economics.
What is the GDP deflator?
This is the term for the relationship of value between goods, regardless of inflation or deflation.
What is neutrality of money?
This is the age range for those counted in the labor force.
What is 16-65?
Mutual funds and banks are a part of this group in the financial system.
What are intermediaries?
The symbols Y and Y* stand for these terms.
What is actual output and predicted output?
This kind of good is NOT included in GDP calculations.
What are intermediate goods?
This is the equation for Consumer Price Index.
What is CPI = 100(cost of bundle in current year)/(cost of bundle in base year)?
This type of unemployment is a result of fluctuations in the business cycle.
What is cyclical unemployment?
This is the term for when government spending increases, and private businesses are discouraged to invest.
What is crowding out?
In the Keynesian Model, this line is vertical.
What is the Long-Run Aggregate Supply?
This kind of GDP measures the economy’s total output based on the current year’s prices.
What is nominal GDP?
The Boskin Commission says the CPI overestimates inflation by this percentage per year.
What is 1.3%?
What is Okun’s Law?
This is the equation for the money multiplier.
What is MM = 1/RR?
In the simple Keynesian cross model, this specific type of spending is assumed to be "autonomous."
What is Investment Spending?