Unit 1 macro Flashcards
0
Q
Full employment occurs when
A
Cyclical unemployment equals 0
1
Q
Price Index
A
Base year …
X100
2
Q
Real GDP
A
(Price index/100)
3
Q
Output growth
A
Real GDP in Yr 1
X100
4
Q
Real GDP per capita equation
A
Population in yr 1
5
Q
Shoe leather costs
A
Increased transaction costs (inflation)
6
Q
Menu costs
A
Cost of changing listed price (inflation)
7
Q
Unit of account costs
A
Less reliable unit of measure (inflation)
8
Q
LFPR
A
Labor force participation rate
Population X100
9
Q
Unemployment rate (UR)
A
Labor force X 100
10
Q
Goals of Employment Act
A
Full employment
Price stability
Economic growth
