Macro Economics
A traditional measure of a country's economic health.
What is GDP, Inflation or Unemployment?
The type of economic policy controlled by the government.
What is fiscal policy?
Unemployment due to the business cycle.
What is cyclical unemployment?
The most economic activity in a business cycle
What is a peak?
The term to describe a country that exports more goods than it imports.
What is a trade surplus?
The term to describe a country's output per person.
What is GDP per capita?
The type of economic policy controlled by the Bank of Canada.
What is monetary policy?
Form of unemployment caused by a mismatch between worker's skills and what employers need.
What is structural unemployment?
The period between a peak and trough
What is a contraction?
An official ban on trade activity with a particular country.
What is an embargo?
The country with the world's highest GDP per person.
What is the United States?
Tools used to adjust fiscal policy
What are taxes and government spending?
Type of unemployment where people are between jobs but will likely find one quickly.
What is frictional unemployment?
The number of months of economic decline required to be considered a recession?
What is six?
The ability to produce a particular good at a lower opportunity cost.
What is a comparative advantage?
The calculation used to measure GDP.
What is C + I + G + (X-M)
Tools used to adjust monetary policy
What are Interest rates and Money supply?
The natural rate of unemployment in Canada
Around 5%
Average length of one full business cycle
What is five years?
The only international organization to deal with the rules of trade between nations.
What is the World Trade Organization?
An example of an automatic stabilizer already in place to stimulate the economy when necessary.
What are EI benefits, or personal taxes?
What is one group of individuals who would not be included in a country's unemployment calculation?
Retired people, those under the age of 15, those not actively seeking work.
The least economic activity in the business cycle.
What is a trough?
One of the three functions of money.
What is medium of exchange, unit of account, or store of value?