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Test Bank for Macroeconomics 11th Edition by N. Gregory Mankiw
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Test Bank for Macroeconomics 11th Edition by N. Gregory Mankiw
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Test Bank for Macroeconomics 11thEdition by N. Gregory Mankiw
Macroeconomics - ANSThe study of the economy as a whole.
gross domestic product (GDP) - ANSthe dollar value of all final goods and services produced
within the country's borders in a given year
consumer price index (CPI) - ANSa measure of the overall cost of the goods and services
bought by a typical consumer
Inflation - ANSrise in the general level of prices.
Deflation - ANSSustained fall in the general price level.
Stagflation - ANSHigh unemployment and high inflation at the same time
National Debt - ANSthe total amount of money owed by a nation's government to its creditors.
national deficit - ANSthe difference between the amount a government brings in through taxes
and sends out through spending
economic growth - ANSwhen a nation's total output of goods and services increases over time
cyclical unemployment - ANSunemployment caused by a business cycle recession
Structural Unemployment - ANSunemployment resulting from a poor match of workers' abilities
and skills with current requirements of employers
Frictional Unemployment - ANSpeople who are temporarily between jobs (including those new
to the work force)
seasonal unemployment - ANSwhen people lose their jobs predictably every year at the same
time
Fiscal policy - ANSUse of government spending and revenue collection measures to influence
the economy.
monetary policy - ANSpolicies that control the supply of money, the price of money and the
availability of credit.
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