In each blank, try to type in the
word that is missing. If you've
typed in the correct word, the
blank will turn green.
If your not sure what answer should be entered, press the space bar and the next missing letter will be displayed. When you are all done, you should look back over all your answers and review the ones in red. These ones in red are the ones which you needed help on. Question: 4 TypesAnswer: seasonal, frictional, structural, Question: UnemploymentAnswer: Unemployed for part of the year. Ex: only for summer jobs, mall santas, etc. Question: Frictional Answer: Unemployed during a job Question: UnemploymentAnswer: Unemployed because of mismatch between skills vs. skills acquired. Question: UnemploymentAnswer: Not enough jobs to go due to downturns in the business cycle Question: ForceAnswer: People 16+ who want to work/are . Question: Full Answer: Lowest rate of unemployment compatible with stability (between 4% and 6%) Question: Trade Commission ActAnswer: An agency made to study industry structures and behaviors to identify anti practices. Question: MechanismAnswer: Means by which forces of supply and demand determine prices and quantities of sold. Question: 4 sources of market Answer: public goods, externalities, power, inequity Question: Aggregate Answer: Total quantity of output demanded at alternative price in a given time period Question: Aggregate Answer: Total quantity of output producers are willing and able to at alternative prices levels in a given time period Question: Why does AS up, why does AD slope down?Answer: AS: More will be supplied if it can be sold at a price. Higher profit margins and costs.
AD: Real balances effect, foreign trade effect, interest rate effect. (More is demanded as price is lower) Question: Answer: Classical was "Laissez Faire", believed the market would pull it's self out of a bad situation automatically due to flexible /wages. Supply will create its own demand.
Question: Say's Answer: supply own demand Question: Answer: Keynes said government should intervene to achieve macroeconomic goals. Said Great Depression could happen without intervention. If people demand it, people will supply it. Question: MPC vs. Answer: Marginal Propensity to Consume: How much someone will spend from income. MPC=Change in consumption/change in income.
Marginal Propensity to Save: How much someone will save from income. MPS=change in saving/change in disposable income Question: Answer: in the average level of the prices of goods and services Question: Relative vs. Average Answer: can just be small portion good/services that increase in price (one prices compared to another, relative). Inflation is all prices increase. Question: PolicyAnswer: Use of taxes and spending to alter macroeconomic outcomes Question: Four main components of Answer: AD=Consumpution(C)+Investment(I)+Government (G)+(exports-imports(X-IM)) Question: How government adjusts AD to help with Answer: FISCAL RESTRAINT: Increase taxes/decrease gov spending to slow down economy. FISCAL STIUMLUS: Decrease taxes/increase gov to expand economy. Question: LeversAnswer: Tax policy, spending, changes in interest rates, etc. |
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