Which equation represents the Quantity of Real GDP Demanded? Real Personal Consumption Expenditures + Planned Real Gross Private Domestic Investment + Real Government Expenditure on Goods and Services + Real Net Exports of Goods and Services Net Exports + Government Spending Consumption + Investment + Government Spending Nominal GDP - Inflation Rate

Real Personal Consumption Expenditures + Planned Real Gross Private Domestic Investment + Real Government Expenditure on Goods and Services + Real Net Exports of Goods and Services

Aggregate Demand and Supply: Macroeconomic Models and Price Level Determination

Flashcard

Learn Mode

Match

Library

Create

Flashcards

Library

Match (Coming Soon)

Economics - Macroeconomics

georgepetenjk Created by 10 mon ago

Cards in this deck(35)

What is the graphical model used to determine real GDP and the price level in an economy over the short run and transition to the long run?

What term describes the total amount of final goods and services produced in the U.S. that people, businesses, the government, and foreigners plan to buy?

Which equation represents the Quantity of Real GDP Demanded?

What is the term for income minus taxes plus transfer payments?

What curve shows the relationship between the aggregate price level in the economy and the quantity of real GDP demanded?

What is the government's attempt to influence the economy by setting and changing taxes, making transfer payments, and purchasing goods and services called?

What is the total quantity of final goods and services that firms plan to produce, which is always equal to real GDP?

What is the level of real GDP produced when the economy is operating at full employment?

What is the term for the number of dollars that an hour of labor earns?

What is the term for the money wage rate divided by the price level?

What is the real wage rate that ensures the quantity of labor supplied equals the quantity of labor demanded?

What is the period of time long enough for the labor market to adjust to equilibrium and for real GDP to equal potential GDP?

What is the period of time shorter than the long run for which real GDP can differ from potential GDP?

What curve shows the relationship between the aggregate price level in the economy and the quantity of real GDP supplied in the long run?

What curve shows the relationship between the quantity of real GDP supplied and the aggregate price level in the short run when the money wage rate and potential real GDP remain constant?

What occurs at the intersection of the SAS and AD curves, determining a short-run equilibrium price level and short-run equilibrium level of real GDP?

What occurs at the intersection of the SAS, LAS, and AD curves, determining a long-run equilibrium price level and potential real GDP?

What is a short-run macroeconomic equilibrium in which potential GDP exceeds real GDP?

What is a short-run macroeconomic equilibrium in which real GDP exceeds potential real GDP?

What term describes the simultaneous occurrence of a recession and increased inflation?

What type of inflation occurs when aggregate demand increases, shifting the AD curve to the right?

What type of inflation occurs when the cost of production increases, pushing producers to raise their prices?

What is the annual statement of the outlays and receipts of the U.S. government, together with the laws and regulations that approve and support them?

What term describes how much revenue the federal government collects?

What term describes how much the government spent?

What is the use of tax policy and spending decisions to achieve desired macroeconomic objectives?

What act requires Congress to use fiscal policy to 'promote maximum employment, production, and purchasing power'?

What is it called when receipts are less than outlays for the Federal Government?

What is the sum of all past budget deficits, minus the sum of all past surpluses?

What is a fiscal policy activity that attempts to push real GDP back toward potential real GDP?

What is fiscal stimulus that happens automatically in a recession?

What is fiscal stimulus that requires an act of Congress, such as the American Recovery and Reinvestment Act of 2009?

What is the term for the delay caused by not observing exactly what is going on in the economy in real time when using fiscal stimulus?

What is the delay called when it takes time for Congress to debate and pass discretionary fiscal policy legislation?

What is the delay called when it takes time for the effects of fiscal stimulus to be felt in the economy?

Ask Our AI Tutor

Get Instant Help with Your Questions

Need help understanding a concept or solving a problem? Type your question below, and our AI tutor will provide a personalized answer in real-time!

How it works

Ask any academic question, and our AI tutor will respond instantly with explanations, solutions, or examples.

Get Started

Browse questions and discover topic-based flashcards
Practice with engaging flashcards designed for each subject
Strengthen memory with concise, effective learning tools

Discover By Topic

Aggregate Demand and Supply: Macroeconomic Models and Price Level Determination

Related Decks