ECON 231 Jeff State - Justin Fisher - Study Guide for 3rd Test || with 100% Accurate Solutions.
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Module
ECON 231 Jeff State - Justin Fisher
Institution
ECON 231 Jeff State - Justin Fisher
Four Objectives of Macroeconomics: correct answers 1. Output
2. Full Employment
3. Stable Prices
4. Foreign Policy
GDP correct answers Gross Domestic Product - the market value of all FINAL goods and services produced annually in the economy.
What is America's GDP? correct answers 17 trill...
ECON 231 Jeff State - Justin Fisher - Study Guide for 3rd
Test || with 100% Accurate Solutions.
Four Objectives of Macroeconomics: correct answers 1. Output
2. Full Employment
3. Stable Prices
4. Foreign Policy
GDP correct answers Gross Domestic Product - the market value of all FINAL goods and
services produced annually in the economy.
What is America's GDP? correct answers 17 trillion dollars
What are the two types of GDP? correct answers 1. Nominal
2. Real
Nominal GDP is... correct answers measured in current market prices
Real GDP is... correct answers measured in constant dollars
(takes inflation into account, which is rise in prices)
Four devisions of the Business Cycle: correct answers 1. Expansion - output increases
2. Peak - highest attainable
3. Contraction - output decreases
4. Trough - lowest level of production
What is a recession? correct answers 2 consecutive contraction quarters (3 months each)
Potential GDP correct answers maximum sustainable GDP
GDP Gap correct answers difference between potential and actual GDP
Full Employment correct answers Provide high paying jobs that people find attractive (doesn't
mean 100% unemployment, actually 5% unemployment)
CPI correct answers Consumer Price Index - measures the market value of a fixed basket (exact
list) of goods.
Inflation correct answers Rate of growth of the price level from year to year
Interdependence has been caused by: correct answers 1. increased exports and imports
2. borrowing and lending to foreigners
3. imitations of foreign technology
4. worldwide travel
5. worldwide communication
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