UNIT 5 Flashcards
1
Q
phillips’s cure
A
2
Q
MONETARY INFLATION
A
increased price due to decreased purchasing power of currency
3
Q
staglfation is caused by shocks to supply that shift AS leftward
A
4
Q
rational expectations theory
A
government intervention is not new scary or useful to stabilize an economy
5
Q
budget deficit d
A
difference between federal government spending and tax collections in one year
6
Q
national debt
A
accumulation of past deficits total amount the federL FOVERNMENT OWES IN GIVEN TIME
7
Q
ECONOMIC GROWTH
A
measured in terms of annual increased in real GDP or GDP per capita
