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ECON6901 Ch23 - An Introduction to Macroeconomics
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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 theĀ
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
ID
240751
Card Set
ECON6901 Ch23 - An Introduction to Macroeconomics
Description
An Introduction to Macroeconomics. GDP.
Updated
2013-10-15T15:01:50Z
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