Macroeconomics
This is the total value of all goods and services produced in a country in one year.
What is Gross Domestic Product (GDP)?
This term describes the additional cost of producing one more unit.
What is marginal cost?
This is the term for a tax on imports.
What is a tariff?
This measures the average change over time in the prices paid by consumers.
What is the Consumer Price Index (CPI)?
The Federal Reserve uses this to influence the money supply.
What is monetary policy?
This is a market with only one seller.
What is a monopoly?
This organization promotes international monetary cooperation.
What is the International Monetary Fund (IMF)?
A rising unemployment rate usually signals this about the economy.
What is a slowdown or recession?
A prolonged period of economic downturn is called this.
What is a recession?
The point where supply and demand curves intersect
What is market equilibrium?
The difference between a country’s exports and imports is known as this.
What is the trade balance?
This term refers to the total number of people who are actively seeking work but do not have jobs.
What is the unemployment rate?
The GDP formula includes C + I + G + (X - M). What does “I” stand for?
What is investment?
A good that you consume more of as your income decreases.
What is an inferior good?
When one country can produce a good at lower opportunity cost than another, it has this.
What is comparative advantage?
This term refers to the change in GDP from one quarter to the next, adjusted for inflation.
What is real GDP growth?