Which government agency compiles the National Income and Product Accounts (NIPA) for the U.S. economy?

The Bureau of Economic Analysis (BEA), an agency of the Commerce Department.

How to measure a nation’s Gross Domestic Product (GDP)?

One is the expenditures approach; the other is the income approach.

what are business cycles?

the fluctuations in economic activity over time — periods of expansion (growth) followed by contraction (recession)

what is frictional unemployment?

unemployment caused by workers voluntarily changing jobs and by temporary layoffs; unemployed workers between jobs.

what is structural unemployment?

Unemployment of workers whose skills are not demanded by employers, who lack sufficient skill to obtain employment, or who cannot easily move to locations where jobs are available.

what is cyclical unemployment?

A type of unemployment caused by insufficient total spending (or by insufficient aggregate demand).

what is phillips curve?

It is a curve that shows the Inflation-Unemployment Trade-off. This economic model is used in macroeconomics. It is named after A. William Phillips, an economist from New Zealand.

Is it true that the U.S. had a trade deficit in both goods and services sectors in the past few decades?

Yes — the United States has run trade deficits in both the goods and services sectors for much of the past few decades, though the size and composition have varied over time.

what is the efficiency wage?

A wage above the equilibrium wage rate. It is offered by a company voluntarily. See an example below.

what is the consumer price index?

measures the prices of a fixed “market basket” of some 300 goods and services bought by a “typical” consumer.

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Econ exam 3


Which government agency compiles the National Income and Product Accounts (NIPA) for the U.S. economy?	The Bureau of Economic Analysis (BEA), an agency of the Commerce Department.
How to measure a nation’s Gross Domestic Product (GDP)?	One is the expenditures approach; the other is the income approach.
How do you get Net Domestic Product(NDP)?	GDP-Depreciation
what are business cycles?	the fluctuations in economic activity over time — periods of expansion (growth) followed by contraction (recession)
what is frictional unemployment?	unemployment caused by workers voluntarily changing jobs and by temporary layoffs; unemployed workers between jobs.
what is structural unemployment?	Unemployment of workers whose skills are not demanded by employers, who lack sufficient skill to obtain employment, or who cannot easily move to locations where jobs are available.
what is cyclical unemployment?	A type of unemployment caused by insufficient total spending (or by insufficient aggregate demand).
what is phillips curve?	It is a curve that shows the Inflation-Unemployment Trade-off. This economic model is used in macroeconomics. It is named after A. William Phillips, an economist from New Zealand.
Is it true that the U.S. had a trade deficit in both goods and services sectors in the past few decades?	Yes — the United States has run trade deficits in both the goods and services sectors for much of the past few decades, though the size and composition have varied over time.
does the US have export tariffs?	no
what is the efficiency wage?	A wage above the equilibrium wage rate. It is offered by a company voluntarily. See an example below.
what is the consumer price index?	measures the prices of a fixed “market basket” of some 300 goods and services bought by a “typical” consumer.

Created by: GradeAStudent

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