econ

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The ratio of the amount of output produced to the amount of input is called

productivity

Government spending counted as part of GDP includes spending on

public education

when prices go up during the contraction phase

stagflation

An example of a coincident indicator

stock prices

Inventory investment is made up of

unsold goods that businesses have on hand

In the United States, the severe contraction that started in 1929 is commonly called the

Great Depression

"An Essay on the Principle of Population" was written by

Thomas Robert Malthus

During the 1970s, both unemployment and prices rose, creating

a recession

The total amount of goods and services that households, businesses, government, and foreign purchasers will buy at each price level is called

aggregate demand

measures of economic performance that usually change at the SAME TIME as real GDP changes

coincident indicators

The underground economy includes market activities that

go unreported because they are illegal

Efficiently run financial markets

help to increase productivity

As supple increases prices go down, and real GDP

increases

Measures of economic performance that usually change after real GDP changes are called

lagging indicators

measures of economic performance that usually change BEFORE real GDP changes

leading indicators

when aggregate demand equals aggravate supply

macroeconomic equilibruim

The idea that national wealth comes through exporting more goods than a country imports is called

mercantilism

Productivity increases when

more input produces more output

The highest point of a business cycle is called the

peak

An example of a nonmarket activity is

performing one's own home repairs

Before Adam Smith, many people believed that economic growth was caused by

population growth and higher taxation

The contraction of the mid-1970s was triggered in part by the

Oil Embargo of 1973

An example of a final good is

a book

As supply increases, prices go down, and real GDP

decreases

Jobs are relatively easy to find during an

expansion

Franklin D. Roosevelt's economic plan to help the country recover from the Great Depression

the New Deal

Great Depression causes

the New Deal was enacted

The Great Depression ended when

the United States entered World War II

An example of a durable good is a

truck


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