ECO exam 2
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decrease in overall price
price decrease=wage decrease
cycle of short term ups and downs in the economy
cash payments made by the govt to people who do not supply goods, services, or labr in exchange for these payments.
increase in the value of an asset
Go up easily, harder to bring down
How to calculate GDP
- expenditure approach
- income approach
nautral rate of unemployment
increase in overall price
one measure of overall price level
bundle of products changes with every president
fraction of change in income that is consumed or spent
marginal propensity to consume MPC
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