GENERAL MACRO DIAGRAMS Flashcards
1
Q
Phases in the economic cycle
A
2
Q
Impact of an increase in productive potential on trend GDP growth
A
3
Q
Short run Phillips curve (trade-off between inflation and unemployment)
A
4
Q
Laffer curve
A
5
Q
Laffer curve showing how a reduction in the tax rate could increase total tax revenue
A
6
Q
Laffer curve showing tax rate that creates maximum tax revenue
A
7
Q
Alternative representation of the Laffer curve
A
8
Q
Income inequality: Lorenz curve used to find out Gini coefficient
A
9
Q
Income inequality: Lorenz curves used to find out Gini coefficient; Country A has less income inequality than Country B
A
10
Q
Income inequality: Gini coefficient is area A/(areas A+B)
A
11
Q
How two different Lorenz curves (income distributions) can give the same Gini coefficient
A
12
Q
Kuznets curve
A
