What is the formula for calculating GDP using the value of total production and total income? GDP = value of total production - value of total income GDP = value of total production / value of total income GDP = value of total production = value of total income GDP = value of total production + value of total income

GDP = value of total production = value of total income

How is Gross Domestic Product (GDP) defined? The total expenditure on goods and services in a country The total value of all goods and services produced by a country's residents The sum of all incomes earned by residents of a country The market value of all final goods produced in a country during a period of time

The market value of all final goods produced in a country during a period of time

What are the components of GDP represented by the equation Y = C + I + G + NX? Consumption, Savings, Government Spending, Net Imports Consumption, Savings, Government Purchases, Net Exports Consumption, Investment, Government Spending, Net Imports Consumption, Investment, Government Purchases, Net Exports

Consumption, Investment, Government Purchases, Net Exports

What does consumption spending by households include? Services, nondurable goods, durable goods Durable goods, capital goods, services Services, durable goods, capital goods Nondurable goods, capital goods, services

Services, nondurable goods, durable goods

What does government purchases include, excluding transfer payments? Spending by federal, state, and local governments Spending on infrastructure and education Spending on social security and unemployment benefits Spending on healthcare and defense

Spending by federal, state, and local governments

Macro Final

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Economics - Macroeconomics

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Cards in this deck(100)

What is the formula for calculating GDP using the value of total production and total income?

What term describes the percentage increase in the price level from one year to the next?

How is Gross Domestic Product (GDP) defined?

What are payments by the government to households for which no goods or services are received in return?

What are the components of GDP represented by the equation Y = C + I + G + NX?

What does consumption spending by households include?

What does investment spending by firms typically include?

What does government purchases include, excluding transfer payments?

How are net exports calculated?

What is real GDP measured in terms of?

What is nominal GDP measured in terms of?

What does the price level measure in an economy?

How is the GDP deflator calculated?

What does Gross National Product (GNP) include?

How is Net National Income calculated?

What does personal income refer to?

How is disposable personal income calculated?

What is the formula for the annualized growth rate?

What does the labor force consist of?

How is the unemployment rate calculated?

Who is not considered part of the labor force?

Who are discouraged workers?

How is the labor force participation rate (LFPR) calculated?

What does the U6 measure include?

What are the types of unemployment?

What is frictional unemployment?

What is structural unemployment?

What is cyclical unemployment?

What is seasonal unemployment?

What does full employment consist of?

What is the natural rate of unemployment (NAIRU)?

What is the formula for long-term sustainable growth?

How is inflation calculated?

What does the Consumer Price Index (CPI) measure?

How is the Consumer Price Index (CPI) calculated?

What does core inflation exclude?

What does PCE stand for in economic terms?

What is the interest rate?

What is the nominal interest rate?

How is the real interest rate calculated?

What is deflation?

What factors determine labor productivity?

What are the sources of technology change?

What is human capital?

What is the per-worker production function?

What does the law of diminishing returns state?

What does the Solow Growth Model I emphasize?

What is the key to sustaining growth according to the Solow Growth Model II?

What does the modern growth theory emphasize?

What does aggregate expenditure refer to?

What is the formula for aggregate expenditure (AE)?

What is an assumption of the AE model?

What happens when aggregate expenditure (AE) is greater than GDP?

What happens when aggregate expenditure (AE) is less than GDP?

What happens when aggregate expenditure (AE) equals GDP?

What is the consumption function?

What does MPC stand for in economic terms?

What does national income consist of?

What is the sum of MPC and MPS?

What is aggregate consumption?

What does the AS/AD model represent?

What is an assumption of the AS/AD model?

What is a key difference between aggregate demand (AD) and individual demand?

Why is the aggregate demand (AD) curve downward sloping?

What is the difference between short-run and long-run aggregate supply?

What factors determine long-run aggregate supply (LRAS)?

What causes shifts in the short-run aggregate supply (SRAS) curve?

What is macroeconomic equilibrium?

What does the dynamic AD/AS model illustrate?

What are the effects of a positive demand shock?

What are the effects of a supply shock?

What is stagflation?

What are the effects of a productivity shock?

What is a budget deficit?

What is a budget surplus?

What is the market for loanable funds?

What does ex-ante mean?

What does ex-post mean?

What are TIPS bonds?

What symbol represents nominal interest rates?

What symbol represents inflation?

What is the Fisher equation?

What symbol represents the real interest rate?

What happens when bond prices increase?

What does the Phillips Curve show?

What is the money flow equation (Phillips)?

What is the Phillips Curve equation?

What are open market operations?

What is monetary policy?

What is the Taylor equation?

What does rc represent in economic terms?

What is the equation for government balance?

What is the equation for government deficit finance?

What is the equation for when the Fed tightens?

How is technology related to equations and inflation?

What does the expanded loanable funds model emphasize?

Why are t-bonds generally higher than t-bills?

What happens when the Fed 'steps on the gas'?

What happens when the Fed 'steps on the brakes'?

What does it mean when the economy is moving slower than LTSG?

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Macro Final

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