AP Macro Exam Questions And Answers
National Economic Accounts (NEA) A comprehensive group of statistics that measures
various aspects of the economy's performance
Net Exports Exports minus imports.
Personal Income (PI) income received by households
Real GDP GDP adjusted for price changes
Un...
Frictional Unemployment state of being out of work because the person is in between jobs
GDP Deflator measure of the level of prices in the economy
Hidden Unemployment describing those who are able to work but who are not actively
seeking employment because they are discouraged about their prospects for finding employment
Inflation a sustained rise in most prices in the economy
Menu Costs the misallocation of resources because of inflation
, AP Macro Exam Questions And Answers
Nonaccelerating Inflation Rate of Unemployment the full employment rate of
unemployment; when employment falls below this rate, inflation accelerates
Seasonal Unemployment state of being out of work because of the time of year
Structural Unemployment state of being out of work because the economy is structured,
or set up, to a person's disadvantage
Unemployment Rate The number of unemployed persons divided by the labor force
CPI equation (total cost this period/totoal cost base period) X 100
Inflation Rate equation ((CPI this period - CPI previous period) / CPI previous period) X
100
GDP Deflator equation (GDP / Real GDP) X 100
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