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Exam 2- ECON 1150 Questions And Answers Latest Update
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Exam 2- ECON 1150 Questions And Answers Latest Update
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Exam 2- ECON 1150 Questions And AnswersLatest Update
Aggregation - ANS combining many individual markets into one overall market
Aggregate Demand Curve - ANS a curve that shows the quantity of domestic goods
and services that households, firms, the government, and customers abroad want
to buy at each price level
Inflation - ANS a sustained increase in the general price level
Aggregate Supply Curve - ANS a curve that shows the quantity of goods and
services that firms choose to produce and sell at each price level
Final Goods & Services - ANS goods and services purchased by their ultimate user
Nominal GDP - ANS calculated by valuing all outputs at current prices
Real GDP - ANS GDP adjusted for inflation and expressed in constant, or
unchanging, dollars
Intermediate Goods - ANS a good purchased for resale or for use in producing
another good
, Real GDP per capita - ANS the ratio of real GDP divided by the population.
Fiscal Policy - ANS Government plan for spending and taxation. Can be used to
steer aggregate demand in desired direction.
Deflation - ANS a sustained decrease in the general price level
Stagflation - ANS inflation that occurs while the economy is growing slowly or in a
recession
Monetary Policy - ANS Actions that the central bank takes to change interest rates
and the money supply. It is aimed at affecting the economy.
Stabilization Policy - ANS the name given to government programs designed to
prevent or shorten recessions and to counteract inflation
Growth Policy - ANS government policies intended to make the economy grow
faster in the long run.
Production Function - ANS volume of outputs that can be produced from given
inputs, given available technology
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