Macro Issues
Measuring the Economy
In Class Discussions
Numbers
Other Things That You Need To Know
100
These are the criteria for unemployment
What are 16 years or older, non-institutionalized, and actively seeking work?
100
These are the members of the resource market
What are capital, entrepreneur, land, and labor?
100
Refers to members of the Federal Reserve that are opposed to inflation
What are Hawks?
100
This is the median age of the population?
What is 37 years old?
100
This is the formula for Net Investment Income
What is income earned by US firms overseas - income earned by foreign firms in the US
200
These are tax rebates received by low income people
What is earned income tax credit?
200
This measure takes into account the nationality of the producers and subtracts CCA
What is net national product?
200
This is the term used to describe an economy that is growing "just right"
What is a Goldilocks economy?
200
This is the percentage of middle class spending according to AC Pigou
What is 66%?
200
This is the current chairman of the Federal Reserve
Who is Janet Yellen?
300
These are the three criteria NBER uses to determine the beginning and end of a recession
What is depth, duration, and dispersion?
300
This is the formula for Gross Investments
What is Capital Goods + Housing + Capital Consumption Allowance + Inventories?
300
These are the five goals of macroeconomics
What is full employment, price stability, economic growth, equitable distribution of income, and favorable balance of trade
300
This is the absolute number of people in poverty in the United States
What is 40 million?
300
This is what the US has accused the People's Bank of China of doing
What is heavily increasing money supply in order to lower interest rates?
400
Programs intended to bolster spending in downturns and help moderate recessions
What are economic safety nets?
400
This is money taken from one group and moved to another without expectation of payment
What is a transfer payment?
400
This is the individual that set the exchange rate between the Japanese Yen and the USD after World War II
Who is Joseph Dodge?
400
This is the formula for the rule of 72. Give what each variable stands for
What is n (number of years it takes economy to double) x r (rate at which the economy needs to double) = 72
400
This is the highest point of the business cycle and precedes a contraction
What is the peak?
500
These are the four elements of the GDP definition
What are market value, new, finished, domestic goods?
500
If GNP is 7600 and NII is 3400, find GDP
What is 4200?
500
This is when real estate prices in other countries become so cheap that companies move all their facilities except for their headquarters overseas
What is the hollowing out effect?
500
This is the rate that the economy needs to grow to cover the population growth of the US
What is 1.5%?
500
These are the three primary causes of economic growth post World War II
What are an increase in quantity of resources, increase in quality of resources, and increase in technology
M
e
n
u