
Macro
Flashcard
•
Social Studies
•
12th Grade
•
Practice Problem
•
Hard
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20 questions
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1.
FLASHCARD QUESTION
Front
What is inflation?
Back
Inflation is the increase in prices and fall in the purchasing value of money.
2.
FLASHCARD QUESTION
Front
How is economic growth measured?
Back
Economic growth is measured by the percentage change in Gross Domestic Product (GDP).
3.
FLASHCARD QUESTION
Front
People who want to work, but are unable to find work.
Back
unemployed
4.
FLASHCARD QUESTION
Front
Government cuts taxes. What is the immediate effect on aggregate demand, price level, and aggregate supply?
Back
Aggregate demand increases, price level rises, aggregate supply remains unchanged.
5.
FLASHCARD QUESTION
Front
Term for comparing prices of goods between years to calculate the consumer price index
Back
Market Basket
6.
FLASHCARD QUESTION
Front
Why would people on a fixed income be hurt by inflation?
Back
Purchasing power is reduced.
7.
FLASHCARD QUESTION
Front
Why would banks be hurt by unanticipated inflation?
Back
Banks are hurt by unanticipated inflation because it erodes the real value of loan repayments and increases uncertainty in financial management.
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