Chapter 33 - Aggregate Demand and Aggregate Supply

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23 Terms

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Real GDP
________ is commonly used to watch short- run changes in the economy.
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Stagflation
________: a period of falling outputs and rising prices.
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stickiness of wages
The ________ provides an incentive to produce less output (when the price level is lower) and more output (when the price level is higher)
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Technology
________ and monetary policy are the two most important influencers of the economy in practice.
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quantity of output
The ________ supplied deviates from its long- run (natural) level when the actual price level in the economy deviates from the price level that people expect to sell best.
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larger quantity of goods
The increase in consumer spending relates to a(n) ________ and services demanded.
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price level
The short- run fluctuations in output and the ________ can be viewed as deviations from the long- run trends of output growth and inflation.
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Price Level
The ________ and Net Exports (The Exchange- Rate Effect): When a fall in the US ________ causes US interest rates to fall, the real value of the dollar declines in foreign exchange markets.
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