What are unit of account, medium of exchange, and store of value?
100
The combination of multiple economic variables into a single quantity for analysis.
What is aggregation?
200
Cyclical _________ increases when the business cycle enters a contraction or trough.
What is unemployment?
200
This uses a group of goods purchased by the typical urban consumer to track price levels in the economy.
What is the Consumer Price Index?
200
The inflation adjusted statistic that is used to measure economic growth and output.
What is the real GDP?
200
The ease of which assets can be converted to a unit of exchange.
What is liquidity?
200
The total amount of supply in the economy.
What is the aggregate supply?
300
The periodic fluctuations of expansions and contractions of the economy.
What is the business cycle?
300
A house built in 2008, resold in 2015 or a product manufactured in France and sold in the US.
What does not contribute to GDP?
300
The factor of economic growth consisting of scientific and procedural innovations and improvements.
What is technology?
300
A currency that has no inherent value.
What is fiat money?
300
The economic model of fixed long-run aggregate supply.
What the classical model?
400
The conditions of severe economic malaise lasting more than eight quarters and characterized by uncommonly high levels of cyclical unemployment.
What is a depression?
400
The _____ adjusts the GDP for increases in aggregate price levels.
What is the GDP deflator?
400
What is the term for the accumulated knowledge and experience of the labor force or worker?
What is human capital?
400
The rate charged to other banks by the Federal Reserve for borrowing money.
What is the Federal Funds Rate?
400
The model of economics that considers short turn wages and prices to be "sticky"
What is the Keynesian model?
500
The country (foreign or domestic) whose country's currency depreciates in a foreign exchange market when interest rates in the foreign country increases.
What is the home country?
500
A measure of inflation that utilizes substitute goods (if needed) to measure price levels for consumers.
What is the Chained CPI?
500
These resources contribute to the wealth of a country's citizens and are important inputs to productivity.
What are natural resources?
500
The property of money that states quantity of money doesn't change the real prices of the economy.
What is the neutrality of money?
500
Use of government spending and taxation to alter aggregate demand.