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MacroeconomicsChapter 20 Issues in Macroeconomics
Unemployment rate: the percentage of the labor force who are without work.
Labor force: comprises all those who are working for pay ( including self-employed and wage-
earners) or who are looking for work
Inflation: is a rise in the general price level, measured as a percentage change in the CPI
Deflation: a decline of prices in general
Disinflation: declining inflation
Relative price changes: are changes in one price with respect to other prices.
Price index: a weighted average of prices for a bundle of commodities
Base year: point of departure in calculating a price index. = 100. The quantities used to calculate the
price index for subsequent years are those of the base year.
Consumer Price Index, CPI: is a price index based on the wegit of commodities consumed in a given
year by the average consumer.
GDP deflator: is a price index of all commodities, whether purchased by consumers, businesses, or
government.
Nominal amounts: are amounts that can be actually observed
Real amounts: are nominal amounts adjusted for price changes.
Exchange rate: indicates the value of one currency in terms of another currency.
Economic growth: the percentage increase in real GDP per capita over a designated period of time.
Institutional policy: is government policy related to taxation and government spending
Fiscal Policy: is government policy related tot taxation and government spending
Monetary policy: government policy related to interest rates and the amount of money in circulation.
, Chapter 21 National Income accounting
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