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Swaleheen ch 8

Macroeconomics Exam 1

QuestionAnswer
Macroeconomics Study of the economy as a whole, including topics such as inflation, unemployment, and economic growth.
Business Cycle Alternating periods of economic expansion and recession.
Inflation rate The percentage increase in the price level from one year to the next.
Gross Domestic Product (GDP) The market value of all final goods and services produced in a country during a period of time, typically a year.
Components of GDP Consumption, Investments, and Government Purchases, and net exports.
Consumption Spending by households on goods and services, not including spending on new houses.
Investment Spending by firms on new factories, office buildings, machinery, and additions to inventories, plus spending by households and firms on new houses.
Government Purchases Spending by federal, state, and local governments on goods and services.
GDP equation Y=C+I+G+NX GDP = Consumption + Investment + Government Purchases + Net Exports
Net Exports Exports minus imports.
When calculating GDP the BEA does not include two types of production... Household Production and production in underground economies.
Underground Economy Buying and selling of goods and services that is concealed from the government to avoid taxes or regulations or because the goods and services are illegal.
Who's awesome? You're Awesome
Nominal GDP Calculated by summing the current values of final goods and services.
Real GDP Calculated by designating a particular year as the base year and then using the prices of goods and services in the base year to calculate the value of goods and services in all other years.
Price Level A measure of the average prices of goods and services in the economy.
GDP Deflator A measure of the price level.
GDP Deflator Equation Divide nominal GDP by real GDP and multiply by 100. Nominal GDP/Real GDP x 100 = Price level
Created by: KAzetapi
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