ECON6901 Ch23 - An Introduction to Macroeconomics

What is the difference between Real and Nominal GDP?
- Real GDP corrects for price changes caused by inflation.
- Nominal GDP uses current prices.
What is inflation?

Increases in overall level of prices.
What is monetary policy?

Any financial policies controlled by the Federal Reserve Bank.
What is fiscal policy?

Any financial policies controlled by government.
What was the output growth rate from 1995-2007?

2.7%
What was the unemployment rate in 2007?

4.6%
How is the standard of living measured?

Output per person
What caused the growth in living standards?

Industrial revolution
In 2009, what was the GDP per person for the U.S.?

$46,443

Author

honestkyle

240751

Card Set

ECON6901 Ch23 - An Introduction to Macroeconomics

Description

An Introduction to Macroeconomics. GDP.

Updated

2013-10-15T15:01:50Z