What is economics?
What is the main problem in economics?
the value of what you give up when you make a particular choice
any point located on the PPC is considered to be ____?
technology is a source of?
the stage between a trough and a peak in the business cycle?
What is the law of demand?
what are the components of GDP?
What is real GDP?
Who would be considered unemployed?
what is the horizontal axis in the AD-AS curve?
what type of shift does an increase in purchasing power cause?
If the government reduces spending, what shift will happen?
What are sticky wages?
Why is the LRAS curve a vertical line?
what is a progressive income tax?
What is the formula to calculate total budget deficit?
when does a budget deficit occur?
when in a recessionary gap, what do economists propose?
a 1:1 ratio, occurs in what type of crowding out?
The intersection of the SRAS curve and the AD curve is known as __?
What effect does a negative demand shock have on the AD-AS model?
MPC+MPS will always equal ___?
what is the formula to calculate the inflation rate?
Minimum wage is an example of a __?
the study of scarcity and choice
scarcity
opportunity cost
efficient
economic growth
expansion
higher price, less demand; lower price, higher demand
consumer spending, investment spending, government purchases, net exports
total value of all goods and services produced in the economy, using base year prices
people who aren't employed but actively looking for a job.
Real GDP
AD shifts to the right
AD curve shifts to the left
nominal wages that are slow to change (SRAS)
nominal wages are fully flexible
tax rates increase, when income increases
structural deficit + cyclical deficit
government expenditures are greater than tax revenues for a single year
expansionary fiscal policy
Complete crowding out
Short-run macroeconomic equilibrium
AD curve shifts to the left
1
PL in yr 2- PL in yr 1 / PL yr 1 x 100
price floor
