Macro :)
The measure of how much the typical worker can produce.
What is average labor productivity?
Define Gross Domestic Product.
What is "the market value of all final goods and services produced within a country during a specified period of time"?
Define what an economic depression is.
What is a severe recession?
The term used to describe the positive transformation in living standards over the last couple centuries.
What is the Great Enrichment?
What CPI stands for.
Goods that are used up in the production of a final good are called ________.
What are intermediate goods?
Define a trade deficit.
When exports are less than imports.
The term used to specify GDP calculated with the current year prices.
What is nominal GDP?
The primary inventor of the telegraph.
Who was Samuel Morse?
The discovery of new and more efficient ways to transform inputs into outputs.
What are process innovations?
These three indicators are used to measure the state of the economy.
What is GDP, the cost of living, and the unemployment rate?
This occurs when actual output is above potential output.
Inflation will accelerate.
The three terms used interchangeably when discussing the nation's GDP.
What is production, expenditures, and income?
What are knowledge spillovers?
Every dollar spent on R&D yields at least $_____ in social value.
What is $3.60?
"In the financial markets, the ________ ________ adjusts to equate the supply of saving to the demand for saving (investment)."
What is "interest rate"?
GDP = C + I + G + NX
Where C = consumption, I = investments, G = government spending, and NX = net exports.
This determines an economy's output in the long run.
What is potential output?
Define what an "excludable good" is.
What is "a good that you can prevent other people from using"?
The economist who wrote the production function:
Y = A K^1/3 L^2/3
Who is Robert Solow?
The committee that determined that CPI overstated inflation by 1.3% per year.
What is the Boskin Commission?
Something the Federal Reserve could do to reduce consumption and investment spending.
What is decreasing the money supply?
The current U.S. GDP is almost _____ times the U.S. GDP in 1900, while the population has increase by a factor of _____.
What is 40 and 4?
The percent of the world that was literate in 1800.
What is 12%?
The economist who coined the term "creative destruction".
(Bonus points if you can tell me what "creative destruction" is)
Who is Joseph Schumpeter?
("The way in which old methods of doing things are replaced by new and more productive ways.")