money & real values
Another word for "Money" values
Nominal values
What is a sustained increase in an economy’s price level?
Inflation
What is the use of taxation and government spending to manage aggregate demand in order to achieve the government’s macroeconomic aims?
Fiscal policy
What is does gross mean in the word 'Gross Domestic Product (GDP'
total
What has real values been adjusted for?
Inflation
What is sometimes taken to mean a lower level of economic activity?
Deflation
What policy can be achieved by a government increasing its spending and/or cutting tax rates or the tax base
Reflationary or expansionary fiscal policy
What is Gross National Income
•GDP plus net property income from abroad
Complete the following sentence : The figures are multiplied by the price index in the current year and divided by the price index in the _____________
Base year
Complete the following :Disinflation occurs when the inflation rate falls but is still ________________
positive
Another name for contractionary fiscal policy
Deflationary fiscal policy
What is the total output produced by a country’s citizens wherever they produce it.
Gross national income (GNI)
Name two broad causes of inflation.
1.Cost-push inflation
2.Demand-pull inflation
What is a fall in the inflation rate.
Disinflation
What fiscal policy is is designed to increase aggregate demand?
Reflationary or expansionary fiscal policy
What is the measure of national income
•Gross Domestic Product (GDP).
What causes Cost-push inflation?
increases in costs of production.
What measures the change in income a consumer needs to maintain the same standard of living over time?
The Consumer Price Index (CPI)
Name the 3 Types of fiscal policies
1.Reflationary or expansionary fiscal policy
2. Deflationary or contractionary fiscal policy
3. Discretionary fiscal policy.
What is National Income?
the total income for an economy.