Prices
Characterized by extreme or excessive inflation.
What is hyperinflation?
This is the change in the costs of goods and services but does not include those from the food and energy sectors
What is 'core' inflation?
It is the monetary value of all finished goods and services made within a country during a specific period.
What is Gross Domestic Product?
It is the average of current prices across the entire spectrum of goods and services produced in the economy
What is the Price Level?
It is adopted by the monetary authority/central bank of a country that controls either the interest rate payable on very short-term borrowing or the money supply, often targeting inflation or the interest rate to ensure price stability and general trust in the currency.
What is Monetary Policy?
It is a fall in the general price level or a contraction of credit and available money.
What is deflation?
It is a measure of the average change over time in the prices paid by urban consumers for a 'fixed' market basket of consumer goods and services.
What is the Consumer Price Index (CPI)?
It is most recently reported to be $19.39 trillion. That means all the people and companies that in the United States produced more than $19 trillion in the past year.
What is US GDP?
It is at these levels of equilibrium that short-run aggregate supply and aggregate demand converge.
What is output and price level?
It is the means by which a government adjusts its spending levels and tax rates to monitor and influence a nation's economy.
What is fiscal policy?
A period or process of slowing the rate of inflation.
What is disinflation?
Over the last 12 months, the all items index increased 2.1 percent.
What is the US CPI Y/Y inflation?
An inflation-adjusted measure that reflects the value of all goods and services produced in a given year.
What is real GDP?
It is the impact on aggregate demand if a government were to increase personal income taxes.
What is a decrease (shift to the left) of AD?
It is the combination of government fiscal tools that would cure a severe recession.
What is increased spending and decreased taxation?
An inflationary period accompanied by rising unemployment and lack of growth in consumer demand and business activity.
What is stagflation?
A fall in incomes, an increase in unemployment, delayed consumption, fall in national output
What are the characteristics of deflation?
Over time, it is the level of real output which is sustainable given the current quantity and quality of the economy's scarce resources.
What is Long-Run Aggregate Supply?
In theory, if the US Congress were to significantly increase US immigration, this would be the impact on aggregate supply.
What is an increase in short-run and long-run aggregate supply?
A 'pandemic' that rocks the world would have this impact on the price level and output.
What is a decrease in real GDP and price level?
It is a restoration of economic activity, consumer prices, etc., to higher levels by manipulating monetary policy.
What is reflation?
It consists of the actual and imputed expenditures of households and includes data pertaining to durable and non-durable goods and services. Unlike CPI, it measures the substitution effect of consumers. It is essentially a measure of goods and services targeted towards individuals and consumed by individuals.
What is the PCE/Personal Consumption Expenditures?
It is a measure of a country's economic output that accounts for its number of people. That makes it a good measurement of a country's standard of living.
What is GDP per Capita?
Consumption + Investment + Government Spending + Net Exports
What is GDP?
It is the impact on the price level if simultaneously exports increase and domestic incomes increase.
What is an increase?