ECON6901 Ch23 - An Introduction to Macroeconomics
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What is the difference between Real and Nominal GDP?
- Real GDP corrects for price changes caused by inflation.
- Nominal GDP uses current prices.
What is inflation?
Increases in overall level of prices.
What is monetary policy?
Any financial policies controlled by the Federal Reserve Bank.
What is fiscal policy?
Any financial policies controlled by government.
What was the output growth rate from 1995-2007?
What was the unemployment rate in 2007?
How is the standard of living measured?
Output per person
What caused the growth in living standards?
In 2009, what was the GDP per person for the U.S.?
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