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Test Bank for Macroeconomics Quiz 11th Edition by N. Gregory Mankiw
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Test Bank for Macroeconomics Quiz 11th Edition by N. Gregory Mankiw
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Test Bank for Macroeconomics Quiz11th Edition by N. Gregory Mankiw
Macroeconomics Quiz - ANS...
GDP - ANSConsumer spending + Investment + Government spending + Exports minus Imports.
Real GDP - ANSGDP is found by using a price index to adjust to the inflation.
Nominal GDP - ANSThe GDP figure before adjusting for inflation.
Deflation - ANSA decrease in the average price of goods and services.
CPI - ANSConsumer Price Index; cost of today's market basket over last year's market basket,
times 100.
Market Basket - ANSTypical items bought by an average family in a month.
Index - ANSA standard value.
Stagflation - ANSWhen prices increase but the economy does not grow.
Cost-Of-Living Adjustment - ANSIncreases wages to keep up with inflation.
Unemployment Rate - ANSPercent of citizens that aren't employed.
Calculating Unemployment Rates - ANSNumber of people looking for work over number of
people in the labor force.
Labor Force - ANSTo either have a job or are looking for one.
Structural Unemployment - ANSWhen the skills of workers don't match the skills employers are
looking for.
Frictional Unemployment - ANSWhen people decide not to take a particular job because they
are looking for a better option.
Seasonal Unemployment - ANSThis affects mainly people whose jobs depend on weather.
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