Macroeconomics

3. is the value of gross domestic product adjusted for inflation (using constant prices from a base year).
5. is the value of the GDP at current prices.
6. is when the inflation rate decreases, and is much more common. Prices are still increasing, but at a slower rate.
10. is a decrease in the overall price level.
11. is an economic model illustrating how economic activity fluctuates over time
12. exists when the amount of revenue received (TAXES) is GREATER THAN the amount of government expenses
14. is calculated as a percentage of the labor force that is not employed and is actively seeking work
15. refers to legislation or policies at all levels of governments (federal, state and local) that relate to expenditures or spending and taxing.
16. a general increase of the prices of goods and services in an economy
17. is the central bank for the United States.
18. refers to an economic state in which virtually all who are willing and able to work have the opportunity to do so

1. results from a mismatch of the labor supply and the labor market. Workers don’t have the right skills or are located in the wrong place.
2. is the interest rate on overnight loans between banks and other entities that have reserve deposits at the Federal Reserve.
4. results from workers moving between jobs or waiting for jobs to start.
7. is caused by a downturn in overall economic activity. As the economy recovers, the jobs will return.
8. A measure of the average change over time in the prices paid by urban consumers for a specific market basket of consumer goods and services.
9. exists when the amount of revenue received (TAXES) is LESS THAN the amount of government expenses
13. is related to the irregular demand for some types of workers.