Exam (elaborations)
AP Macroeconomics Terms Exam Questions and Answers (Graded A)
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AP Macroeconomics Terms Exam Questions and Answers
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AP Macroeconomics Terms ExamQuestions and Answers
macroeconomics ii- iiAnswers ii-the iibranch iiof iieconomics iithat iistudies iithe iioverall
iiworking iiof iia iinational iieconomy
aggregate iioutput ii- iiAnswers ii-The iitotal iiquantity iiof iigoods iiand iiservices iiproduced iiin
iian iieconomy iiin iia iigiven iiperiod.
income ii- iiAnswers ii-the iifinancial iigain ii(earned iior iiunearned) iiaccruing iiover iia iigiven
iiperiod iiof iitime
aggregate iidemand ii- iiAnswers ii-total iidemand iifor iigoods iiand iiservices iiin iian
iieconomy
aggregate iisupply ii- iiAnswers ii-total iisupply iiof iigoods iiand iiservices iiin iian iieconomy
sticky iiprices ii- iiAnswers ii-Prices iithat iido iinot iialways iiadjust iirapidly iito iimaintain
iiequality iibetween iiquantity iisupplied iiand iiquantity iidemanded.
great iidepression ii- iiAnswers ii-the iieconomic iicrisis iibeginning iiwith iithe iistock iimarket
iicrash iiin ii1929 iiand iicontinuing iithrough iithe ii1930s
John iiMaynard iiKeynes ii- iiAnswers ii-English iieconomist iiwho iiadvocated iithe iiuse iiof
iigovernment iimonetary iiand iifiscal iipolicy iito iimaintain iifull iiemployment iiwithout
iiinflation ii(1883-1946)
inflation ii- iiAnswers ii-a iigeneral iiand iiprogressive iiincrease iiin iiprices
demand iipull iiinflation ii- iiAnswers ii-increases iiin iithe iiprice iilevel ii(inflation) iiresulting
iifrom iian iiexcess iiof iidemand iiover iioutput iiat iithe iiexisting iiprice iilevel, iicaused iiby iian
iiincrease iiin iiaggregate iidemand
cost iipush iiinflation ii- iiAnswers ii-When iiprices iirise iidue iito iian iiincrease iiin iithe iicost iiof
iiproduction.
, hyperinflation ii- iiAnswers ii-severe iiand iiprolonged iiinflation iithat iiresults iiin iithe iivalue iiof
iimoney iilosing iiits iiacceptability iias iia iimedium iiof iiexchange
deflation ii- iiAnswers ii-a iicontraction iiof iieconomic iiactivity iiresulting iiin iia iidecline iiof
iiprices
stagflation ii- iiAnswers ii-a iiperiod iiof iislow iieconomic iigrowth iiand iihigh iiunemployment
ii(stagnation) iiwhile iiprices iirise ii(inflation)
recession ii- iiAnswers ii-the iistate iiof iithe iieconomy iideclines
business iicycle ii- iiAnswers ii-recurring iifluctuations iiin iieconomic iiactivity iiconsisting iiof
iirecession iiand iirecovery iiand iigrowth iiand iidecline
expansion ii- iiAnswers ii-a iiperiod iiof iieconomic iigrowth iias iimeasured iiby iia iirise iiin iireal
iiGDP
contraction ii- iiAnswers ii-a iiperiod iiof iieconomic iidecline iimarked iiby iifalling iireal iiGDP
depression ii- iiAnswers ii-a iilong-term iieconomic iistate iicharacterized iiby iiunemployment
iiand iilow iiprices iiand iilow iilevels iiof iitrade iiand iiinvestment
unemployment iirate ii- iiAnswers ii-the iipercentage iiof iithe iiwork iiforce iithat iiis
iiunemployed iiat iiany iigiven iidate
fiscal iipolicy ii- iiAnswers ii-a iigovernment iipolicy iifor iidealing iiwith iithe iibudget ii(especially
iiwith iitaxation iiand iiborrowing)
monetary iipolicy ii- iiAnswers ii-policy iithat iiinvolves iichanging iithe iirate iiof iigrowth iiof iithe
iimoney iisupply iiin iicirculation iiin iiorder iito iiaffect iithe iicost iiand iiavailability iiof iicredit
supply iiside iipolicies ii- iiAnswers ii-Government iipolicies iithat iifocus iion iistimulating
iiaggregate iisupply iiinstead iiof iiaggregate iidemand.
transfer iipayments ii- iiAnswers ii-Cash iipayments iimade iiby iithe iigovernment iito iipeople
iiwho iido iinot iisupply iigoods, iiservices, iior iilabor iiin iiexchange iifor iithese iipayments.
iiThey iiinclude iiSocial iiSecurity iibenefits, iiveterans' iibenefits, iiand iiwelfare iipayments.
GDP ii- iiAnswers ii-Gross iiDomestic iiProduct- iithe iitotal iimarket iivalue iiof iiall iifinal iigoods
iiand iiservices iiproduced iiannually iiin iian iieconomy
GNP ii- iiAnswers ii-Gross iiNational iiProduct ii- iithe iisum iiof iiall iigoods iiand iiservices
iiproduced iiin iia iination iiin iia iiyear
final iigoods ii- iiAnswers ii-Goods iiand iiservices iithat iihave iibeen iipurchased iifor iifinal iiuse
iiand iinot iifor iiresale iior iifurther iiprocessing iior iimanufacturing
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