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BADM 7200 Macroeconomics Ch.1 - 3 Questions with Explanations of Answers | latest upate 2024
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BADM 7200 Macroeconomics Ch.1 - 3 Questions with Explanations of Answers | latest upate 2024
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BADM 7200 Macroeconomics Ch.1 - 3Macroeconomics - ANS-The study of the economy as a whole or the forces that influence the
economy as whole
Real GDP - ANS-Measures the total income of everyone in the economy (adjusted for the level
of prices)
Inflation rate - ANS-A measure of how fast prices are rise
Unemployment rate - ANS-The percentage of those in the labor force who do not have jobs
Depressions - ANS-A very severe recession
Recessions - ANS-A sustained period of falling real income
Deflation - ANS-A decrease in the overall level of prices or period of falling prices
Models - ANS-A simplified representation of reality, often using diagrams or equations that
shows how variables interact
Endogenous Variables - ANS-A variable that is explained by a particular model; a variable
whose value is determined by the model's solution
Exogenous Variables - ANS-A variable that a particular model takes as given; a variable whose
value is independent of the model's solution
Market-Clearing Model - ANS-A model that assumes the prices freely adjust to equilibrate
supply and demand
Flexible prices - ANS-Prices that adjust quickly to equilibrate supply and demand
Sticky-price model - ANS-The model of aggregate supply emphasizing the slow adjustment of
the prices of goods and services
Microeconomics - ANS-The study of individual markets and decisionmakers
Gross domestic product (GDP) - ANS-The total income earned domestically, including the
income earned by foreign-owned factors of production; the total expenditure on domestically
produced goods and services
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