Matching
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a. | price level | g. | aggregate supply | b. | nominal GDP
| h. | depreciation
| c. | intermediate goods | i. | nondurable goods | d. | gross domestic product (GDP)
| j. | durable goods
goods | e. | aggregate demand | k. | gross national product (GNP) | f. | real GDP
| l. | national income
accounting |
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1.
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that last for a relatively long time, such as refrigerators, cars, and DVD
players
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2.
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the annual income earned by U.S.- owned firms and U.S. citizens
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3.
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goods used in the production of final goods
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4.
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a system that collects macroeconomic statistics on production, income,
investment, and savings
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5.
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the amount of goods and services in the economy that will be purchased at
all possible price levels
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6.
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GDP expressed in constant, or unchanging, prices
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7.
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goods that last a short period of time, such as food, light bulbs, and
sneakers
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8.
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the total amount of goods and services in the economy available at all
possible price levels
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9.
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the average of all prices in the economy
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10.
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the dollar value of all final goods and services produced within a
country’s borders in a given year
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11.
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the loss of the value of capital equipment that results from normal wear and
tear
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12.
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GDP measured in current prices
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a. | leading indicators | f. | peak | b. | business cycle
| g. | trough
| c. | contraction | h. | depression | d. | recession | i. | economic growth | e. | expansion
| j. | stagflation
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13.
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a period of economic decline marked by falling real GDP
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14.
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a prolonged economic contraction
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15.
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a period of economic growth as measured by a rise in real GDP
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16.
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a recession that is especially long and severe
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17.
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a steady, long-term increase in real GDP
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18.
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key economic variables that economists use to predict a new phase of a
business cycle
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19.
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the lowest point in an economic contraction, when real GDP stops
falling
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20.
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a period of macroeconomic expansion followed by a period of
contraction
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21.
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a decline in real GDP combined with a rise in the price level
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22.
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the height of an economic expansion, when real GDP stops rising
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a. | capital deepening | d. | savings rate
| b. | technological progress | e. | saving | c. | real GDP per
capita |
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23.
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the proportion of disposable income that is saved
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24.
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process of increasing the amount of capital per worker
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25.
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real GDP divided by the total population
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26.
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an increase in efficiency gained by producing more output without using more
inputs
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27.
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income not used for consumption
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