Show:
Section 1
Section 2
Potpourri
Section 3
Key Terms
100
A way in which government economists calculate GDP
What is expenditure approach?
100
it will combine to push the economy into the next phase of the business cycle
What is factors?
100
Foreign trade can result in a _____
What is trade deficit?
100
This was last decades growth rate?
What is 38%?
100
A decline in real GDP combined with a rise in the price level.
What is slagflation?
200
A more accurate way of measuring GDP
What is income approach?
200
Business investments, interest rates and credit, consumer expectation, and external shocks affect is...
What is business cycles?
200
Factors that influence technological progress
What is scientific method, innovation, scale of the market, education and experience, and natural resource use?
200
_______ can only be consumed or invested.
What is output?
200
the lowest point in an economic contraction, when real GDP starts falling
What is trough?
300
GDP expressed in constant or unchaining prices
What is real GDP?
300
Between 1929 and 1933 this economic crisis made the GDP drop by almost 1/3
What is the great depression?
300
The book "The General Theory of Employment Interest and Money" was written by
Who is John Maynard Keyne?
300
Leads to lower living standards
What is apposite of capital deepening?
300
the total amount of goods and services in the economy available at all the possible price levels
What is aggregate supply?
400
GDP does not take into account these certain economic activities
What is nonmarket activities the underground economy, the black market, negative externalities and quality of life
400
If there is a shortage on oil then this will decline and this will rise
What is GDP and Price
400
Natural resource use...
What is a way to increase technological process?
400
Two items that could be used in capital deepening.
What is human capital and physical capital?
400
a system that collects macroeconomic statistics on production, income, investment, and savings
What is national income accounting?
500
Government policymakers measure GDP to______...
What is to find out how well the economy is performing?
500
An organization that maintains ten leading economic indicators including stock prices interest rates and manufactures new orders of capital goods.
What is the conference board?
500
List the phases of a business cycle in order
What is expansion, peak, contraction, through?
500
Real GDP must keep with the growth rate of the ______
What is population?
500
an increase in efficiency gained by producing gained by producing more output without using more inputs.
What is technological progress?