GDP & Economic Growth
What does GDP stand for?
What is Gross Domestic Product?
What is inflation?
What is the general increase in prices over time?
What is unemployment?
What is the condition of being jobless and actively seeking work?
What does the law of demand state?
What is as price decreases, quantity demanded increases (and vice versa)?
Who controls fiscal policy?
What is the government?
Name one component of GDP in the expenditure approach
What is consumption (investment, government spending, net exports)
What index is commonly used to measure inflation?
What is the Consumer Price Index (CPI)
Name on type of unemployment?
What is frictional (structural, cyclical)?
What does the law of supply state?
What is as price increases, quantity supplied increases (and vice versa)?
What are the two main tools of fiscal policy?
What are government spending and taxation?
If GDP increases, what does it generally indicate about the economy?
What is economic growth?
What is hyperinflation?
What is extremely rapid and out-of-control inflation?
What does the unemployment rate measure?
What is the point where supply and demand curves intersect?
What is the equilibrium point?
What is expansionary fiscal policy?
What is increasing spending or decreasing taxes to stimulate the economy?
What is the difference between nominal and real GDP?
What is nominal GDP is not adjusted for inflation, real GDP is?
What is deflation?
What is a general decrease in prices?
What is full employment?
What is the level of employment that doesn't include cyclical unemployment?
What happens to the demand curve when consumer income increases (for a normal good?)
What is it shifts to the right?
What is a budget deficit?
What is when government spending exceeds revenues?
What does GDP per capita measure?
What is the average economic output per person?
What is the target inflation rate for most central banks?
What is around 2%?
What is the natural rate of unemployment?
What is one key determinant of demand?
What are income, taste and preferences, prices of related goods, expectations, and number of buyers.
What is the multiplier effect?
What is the idea that an initial increase in spending leads to a larger increase in GDP?