Growth
type of policy that involves government spending to influence growth
Fiscal
The term for the difference between a country’s exports and imports
Balance of Trade
Someone who is not working but looking for work is..
Unemployed
What does CPI stand for?
Consumer Price Index
The world's largest bicycle manufacturer, established in 1972 in Taiwan. Its name also means BIG.
Giant
type of growth that is achieved without depleting natural resources or harming the environment
Sustainable
The most expensive one these cards was 'traded' for $525,200 in 2022.
Pokémon
'You're fired!' was his favorite phrase when filming the Apprentice TV show.
D. Trump
Type of Inflation that occurs when total spending is greater than the economy's ability to produce output at the existing price level is:
Demand-pull inflation
During a recession, what is expected to happen to inflation?
It will decrease
Macroeconomic measure is used to compare the standard of living across countries by adjusting for price level differences
PPP (Purchasing Power Parity)
Term describes policies designed to protect domestic industries from foreign competition
Protectionism
Potential GDP is the output that would be produced if the economy was experiencing:
Full Employment
Economic phenomenon is characterized by stagnant growth, high unemployment, and inflation occurring simultaneously
Stagflation
A temporary MAXIMUM point in a cycle.
Peak
If the GDP gap is positive, then:
Actual GDP is greater than potential GDP
principle suggests nations benefit by focusing on goods they produce at the lowest relative cost
Specialization
Someone who is on retired and not looking for work is..
NOT part of the labor force
Movie about an elderly widower who travels to South America in his floating house in order to fulfill a promise that he made to his late wife.
Up!
describes the use of interest rates and money supply to influence the economic cycle
Monetary Policy
A physical theory that describes how the universe expanded from an initial state of high density and temperature
Big Bang Theory
Type of advantage that exists when a country produces a good more efficiently than other
Comparative
Suppose there are 180 million people in the labor force, the unemployment rate is 5.0%:
HOW MANY PEOPLE ARE WORKING?
Working = Labor force – Unemployed Working
= 180 – 9 = 171 million
the term for inflation caused by rising production costs, especially wages and raw materials
Cost Push
This economist's theories form the basis of demand-side explanations for economic cycles
Keynes