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MACRO > Ch 1 > Flashcards

Ch 1 Flashcards

1
Q

Real GDP

A

measured in constant dollars; adjusted for inflation.

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2
Q

Endogenous Variables

A

variables the model explains

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3
Q

Exogenous Variables

A

variables that the model takes as a given

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4
Q

Market Clearing

A

A model that assumes that prices freely adjust to equilibrate supply and demand

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5
Q

Flexible Prices

A

prices that adjust quickly to equilibrate supply and demand

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6
Q

Sticky Prices

A

prices that slowly adjust the prices of goods and services

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MACRO (10 decks)

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