Chapter 4 The Macroeconomy Vocab Test

The economy as a whole

• Macroeconomy
• Aggregate Demand
• Aggregate Supply
• Short-run Aggregate Supply
• Long-run Aggregate Supply

The total output (real GDP) that producers in an economy are willing and able to supply at a given price level ina given time period.

• Macroeconomy
• Aggregate Demand
• Aggregate Supply
• Short-run Aggregate Supply
• Long-run Aggregate Supply

The total output of a country supplied in the period when prices of factors of production have fully adjusted.

• Macroeconomy
• Aggregate Demand
• Aggregate Supply
• Short-run Aggregate Supply
• Long-run Aggregate Supply

The totoal spending on an economy's goods and services at a given price level in a given time period.

• Macroeconomy
• Aggregate Demand
• Aggregate Supply
• Short-run Aggregate Supply
• Long-run Aggregate Supply

Tht totoal output of an economy that will be supplied when there has not been enough time for the prices of factors of production to change.

• Macroeconomy
• Aggregate Demand
• Aggregate Supply
• Short-run Aggregate Supply
• Long-run Aggregate Supply

A sustained increase in an economy's price level.

• Inflation
• Creeping Inflation
• Hyperinflation
• Cost-push Inflation
• Demand-pull Inflation

Inflation caused by increases in costs of production.

• Inflation
• Creeping Inflation
• Hyperinflation
• Cost-push Inflation
• Demand-pull Inflation

An exceptionally high rate of inflation, which may result in people losing confidence in the currency.

• Inflation
• Creeping Inflation
• Hyperinflation
• Cost-push Inflation
• Demand-pull Inflation

Inflation caused by increases in aggregate demand not matched by equivalent increases in aggregate supply.

• Inflation
• Creeping Inflation
• Hyperinflation
• Cost-push Inflation
• Demand-pull Inflation

A low rate of inflation

• Inflation
• Creeping Inflation
• Hyperinflation
• Cost-push Inflation
• Demand-pull Inflation