Macro Final Exam, Puzz 2-B Chapters 7-15

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Across
  1. 3. The paper bills and coins typically backed by the government used to buy goods and services.
  2. 4. Negative inflation; most prices in the economy are falling.
  3. 5. A tradeoff between unemployment and inflation
  4. 7. A stagnant economy with high unemployment and inflation.
  5. 9. Policy- Tax cuts to stimulate consumption and investment, or direct increases in government spending
  6. 13. Has no intrinsic value, but is declared by a government to be a country's legal tender.
  7. 15. Policy- A monetary policy that reduces the supply of money and loans.
  8. 16. The United States central bank.
  9. 20. The number of employed plus the unemployed.
  10. 22. Workers- Those who have stopped looking for employment and, hence, are no longer counted in the unemployed also fall into this group.
  11. 23. Any object that is generally accepted as payment for goods and services and repayment of debts in a given country or socio-economic context.
  12. 24. Item of value that a firm or an individual owns.
  13. 25. The rights of individuals and firms to own property and use it as they see fit.
Down
  1. 1. Population- Persons 16 years of age and older residing in the 50 states and the District of Columbia, noninstitutionalized, and who are not on active duty in the Armed Forces.
  2. 2. Unemployment- Unemployment that occurs as workers move between jobs.
  3. 6. Policy- Tax increases or government spending cuts to shift AD to the left.
  4. 8. The inputs used to produce goods and services.
  5. 10. A component of physical capital such as roads and rail systems.
  6. 11. A general and ongoing rise in the level of prices in an entire economy.
  7. 12. Arbitrary year whose value as an index number economists define as 100.
  8. 14. Currently working for pay.
  9. 17. Policy- A monetary policy that increases the supply of money and the quantity of loans.
  10. 18. Nominal wage adjusted for inflation or cost of living.
  11. 19. Putting advances in knowledge to use in a new product or service.
  12. 21. People interpret nominal wage or price changes as real changes.