1-1 What Macroeconomists Study
in recent years, the inflation rate has been about ____ per year, indicating that prices have been fairly _____
2%, stable
real GPD is measured in _____ dollars and adjusted for ____
constant, inflation
a very severe recession
depression
a recession is a sustained period of _________
falling real income
measure of how fast prices are rising
inflation rate
the _________ measures the percentage change in the average level of prices from the year before
inflation rate
the unemployment rate is the percentage of those in the ____ who do not have jobs
labor force
the study of the economy as a whole
macroeconomics
the inflation rate measures the ____________ in the average level of prices from the year before
percentage change
the inflation rate is a measure of how fast ______ are ______
prices, rising
measured in constant dollars; adjusted for inflation
real GDP
3 important macroeconomic variables
real GDP, inflation rate, unemployment rate
_______ grows over time but this growth is not _____
real GDP, steady
a depression is a very severe ______
recession
sustained period of falling real income
recession
percentage of those in the labor force who do not have jobs
unemployment rate