Macroeconomics: Study Guide |
Contents
Scarcity Choice and Economic Interaction | 22 |
The Supply and Demand Model | 43 |
Elasticity and Its Uses | 69 |
Copyright | |
22 other sections not shown
Common terms and phrases
45-degree line ADI curve AE line aggregate expenditure axis budget deficit capital per hour catch-up causes central bank CHAPTER TEST comparative advantage consumers consumption countries decrease demand curve economic fluctuations economic growth elasticity of demand equals potential GDP exports shares False Figure Fill-in Questions firms fiscal policy GDP deflator GDP equals potential growth accounting growth rate Heckscher-Ohlin model important income per capita inflation rate long-run market economy minus monetary base monetary policy money multiplier money supply national saving negatively related nominal GDP nongovernment share opportunity cost output percent Phillips curve point of spending potential GDP price elasticity price level production function production possibilities curve quantity demanded quantity supplied real business cycle real GDP equals recession relative price rises share of GDP shifts the ADI short run spending balance supply curve Suppose T F T F T F tariff trade deficit unemployment rate United variables wage workers