short-run fluctuations in real GDP per capita are determined by...
Give this one a try later!
the difference between total spending (AE) in the economy and total
production (Y) in the economy
solow model
,Give this one a try later!
productivity growth is the key factor in explaining long-run growth
why does the new growth theory focus on knowledge capital (ideas) instead of
physical capital (objects)?
Give this one a try later!
- physical capital is rivalrous (when 1 person uses it, others can't)
- knowledge capital is non-rivalrous (when 1 person uses it, so can others)
budget surplus
Give this one a try later!
when the government spends less than it collects in taxes
aggregate expenditure
Give this one a try later!
the total spending in the economy: the sum of consumption, planned
investment, government purchases, and net exports
law of diminishing returns
,Give this one a try later!
states that as we add more of one input to a fixed quantity of another input,
output increases by smaller additional amounts
unanticipated inflation
Give this one a try later!
consumers, workers, and firms, do not see it coming and do not prepare for
it
a higher real interest rate results in _____ investment spending, and a lower interest rate
results in _____ investment spending
Give this one a try later!
less, more
surplus
Give this one a try later!
d<s
consumption function
, Give this one a try later!
the relationship between consumption spending and disposable income;
positive relationship
autonomous spending multiplier
Give this one a try later!
tells us how much GDP will change by when there is a change to
autonomous spending
- 1 / (1 - MPC)
savings =
Give this one a try later!
investment
when inflation rate is high, there is a _____ gap between nominal and real interest rates
Give this one a try later!
bigger
technology
Give this one a try later!
the difference between total spending (AE) in the economy and total
production (Y) in the economy
solow model
,Give this one a try later!
productivity growth is the key factor in explaining long-run growth
why does the new growth theory focus on knowledge capital (ideas) instead of
physical capital (objects)?
Give this one a try later!
- physical capital is rivalrous (when 1 person uses it, others can't)
- knowledge capital is non-rivalrous (when 1 person uses it, so can others)
budget surplus
Give this one a try later!
when the government spends less than it collects in taxes
aggregate expenditure
Give this one a try later!
the total spending in the economy: the sum of consumption, planned
investment, government purchases, and net exports
law of diminishing returns
,Give this one a try later!
states that as we add more of one input to a fixed quantity of another input,
output increases by smaller additional amounts
unanticipated inflation
Give this one a try later!
consumers, workers, and firms, do not see it coming and do not prepare for
it
a higher real interest rate results in _____ investment spending, and a lower interest rate
results in _____ investment spending
Give this one a try later!
less, more
surplus
Give this one a try later!
d<s
consumption function
, Give this one a try later!
the relationship between consumption spending and disposable income;
positive relationship
autonomous spending multiplier
Give this one a try later!
tells us how much GDP will change by when there is a change to
autonomous spending
- 1 / (1 - MPC)
savings =
Give this one a try later!
investment
when inflation rate is high, there is a _____ gap between nominal and real interest rates
Give this one a try later!
bigger
technology
