Econ Chapter 15

Question 1

the total value of all goods and services that all firms would produce in a specific period of time at price levels

Answer 1

Aggregate Supply

Question 2

amount of real GDP consistent with a given price level; intersection of aggregate supply and aggregate demand

Answer 2

Macroeconomic Equilibrium

Question 3

economic policies designed to lower unemployment by stimulating aggregate demand

Answer 3

Keynesian Economics

Question 4

change in investment spending caused by a change in overall spending

Answer 4

Accelerator

Question 5

relaxation or removal of government regulations on business activities

Answer 5

Deregulation

Question 6

policies and regulations making it illegal for firms to give raises or raise prices without government permission

Answer 6

Wage-Price Controls

Question 7

use of government spending and revenue collection measures to influence the economy

Answer 7

Fiscal Policy

Question 8

change in overall spending caused by a change in investment spending

Answer 8

Multiplier

Question 9

economic policies designed to stimulate the economy by increasing production

Answer 9

Supply-Side Policies

Question 10

school of thought stressing the importance of stable monetary growth to control inflation and stimulate long term economic growth

Answer 10

Monetarism

Question 11

people born in the United States during the historically high birthrate years from 1946 to 1964

Answer 11

Baby Boomers