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Summary: Macroeconomics
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Read the summary and the most important questions on Macroeconomics
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1.1 Chapter 21
This is a preview. There are 16 more flashcards available for chapter 1.1
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How does macroeconomics differ from microeconomics?
It focuses on the behavior of the economy as a whole -
What does Keynesian economics say?
Economic slumps are caused by inadequate spending, and they can be mitigated by government intervention -
What idea established Keynes?
Managing the economy is a governments responsibility -
What is the most important effect of a recession?
It's effect on the ability of workers to find and hold jobs -
Is there one way to determine if there is a recession?
No -
What could be used to mitigate recessions?
Monetary and fiscal policies -
Long-run economics growth
The sustained upward trend in the economy's output over time -
Why are Americans able to afford conveniences today that they could not afford in 1960?
Long-run economics growth -
What is the key to higher wages and a rising standard of living?
Lon-run growth per capita -
When has the economy price stability?
When the overall level of prices changes slowly or not at all
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