Actual output cannot grow faster than ________ over the ________.
If the rate of change in output is negative:
then the economy is in the contractionary phase of the business cycle regardless of the overall level of output.
one person's expenditure is someone else's receipt.
The four categories of expenditures that make up GDP are:
In the long run, economic growth is determined by...: (3)
Gross national product is:
the total market value of all final goods and services produced within a given period by factors of production owned by a country's citizens, regardless of where output is produced.
the value added to a product by each firm in the production process.
If the consumption function is...
C = 200+0.8Yd
Then autonomous consumption is...?
In the long run the aggregate supply curve is...
An item used as money that also has intrinsic value in some other use is:
If the number of people classified as unemployed is 20,000 and the number of people classified as employed is 230,000, what is the unemployment rate?
The natural rate of unemployment refers to unemployment that:
Inflation caused by a rise in oil prices is an example of
Inflation caused by a cut in income tax is an example of
The 1970s combination of high unemployment and high inflation was called ________
Money supply can be ________ by the central bank ________ government securities.
An example of a tight monetary policy is ?
the central bank selling government securities in the open market.
Supply-side policies are government policies
If this year the government collects £250bn in taxes and spends £400bn it must have a (defecit/surplus of?)
A fiscal rule which involves a ceiling to government borrowing as a percentage of GDP
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