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Test Bank for Economics Unit 3: Macroeconomics 11th Edition by N. Gregory Mankiw
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Test Bank for Economics Unit 3: Macroeconomics 11th Edition by N. Gregory Mankiw
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Test Bank for Economics Unit 3:Macroeconomics 11th Edition by N.
Gregory Mankiw
Macroeconomics - ANSThe study of the economy as a whole, including inflation,
unemployment, and economic growth
Steady Economic Growth - ANSAn economy with stable or mildly fluctuating size
Price Stability - ANSNo sudden increase or decrease in the overall price of goods
Full Employment - ANSThe condition in which virtually all who are able and willing to work are
employed. The unemployment rate is between 4% and 6%.
Gross Domestic Product (GDP) - ANSA measurement of the total goods and services produced
within a country.
Output Expenditure Model - ANSValue of a country's exports minus value of a country's imports
in a given time.
Unemployment Rate - ANSNumber of unemployed people in a country divided by number of
people in the labor force times 100.
Market Basket - ANSA representative collection of goods and services
Inflation - ANSAn increase in prices and a fall in the purchasing value of money.
Consumer Price Index (CPI) - ANSMonthly statistics that measure the pace of inflation or
deflation--current value of the market basket divided by the value of the market basket in the
base year times 100.
Real GDP - ANSGDP adjusted for inflation--value of output expenditure model divided by CPI
(or another price index number) times 100.
Aggregate Supply - ANSThe total amount of goods and services in the economy available at all
possible price levels.
Aggregate Demand - ANSThe amount of goods and services in the economy that will be
purchased at all possible price levels.
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