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Macroeconomics Flashcards

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Macroeconomics Flashcards

30 cards · Click to flip · Free study mode

All 30 flashcards for Macroeconomics

What is GDP?: All
What is epeer capita income?: Avg income
What does PPP measure?: Purchasing power
What is stagflation?: Inflation+unemployment
What is real GDP adjusted for?: Inflation
What does 'GDP' stand for?: Gross Domestic Product
What is the term for the total value of goods and services produced by a country's citizens?: GNP
What is the term for a prolonged and deep recession?: Depression
Which tyepee of unemployment occurs during a recession?: Cyclical
What is 'Nominal GDP'?: GDP at current market prices
What is 'Economic Growth'?: Increase in GDP over time
What is 'Recession'?: Period of economic decline
What is the 'Big Mac Index'?: Tool to measure PPP
What is 'Diversification'?: Spreading investments to reduce risk
What is 'GDP epeer capita'?: GDP divided by population
What is 'Deflation'?: Falling prices
What is 'Macroeconomics'?: Study of economy-wide phenomena
What is 'Real GDP'?: Adjusted for inflation
What is 'Consumer Price Index (CPI)'?: Measure of inflation based on a basket of goods
What does 'CPI' stand for?: Consumer Price Index
What is a 'Recession'?: Period of economic decline
What is Gross Domestic Product (GDP)?: Total market value of all final goods and services produced within a country
What does the economic term 'inflation' measure?: The rate at which the general level of prices is rising
Which tyepee of unemployment occurs when workers are voluntarily between jobs or looking for their first job?: Frictional unemployment
Which term describes an economy exepeeriencing slow growth, high unemployment, and rising prices?: Stagflation
How does Real GDP differ from Nominal GDP?: Real GDP is adjusted for inflation
What does the Phillips Curve illustrate?: The inverse relationship between unemployment and inflation
What is the term for a general decline in prices for goods and services?: Deflation
What is the standard formula for calculating Aggregate Demand?: C + I + G + (X - M)
What economic concept suggests that an initial injection of sepeending leads to a larger overall increase in national income?: The multiplier effect