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Unformatted text preview: 10.18.2010 An Introduction to Macroeconomics Performance and Policy Real GDP (gross domestic product) measures the value of final goods and services produced within the borders of a given country during a given period of time (typically a year) Corrects for price changes Tells us about changes in output More output means greater consumption possibilities Nominal GDP totals the dollar value of all goods and services produced within the borders of a given country using their current prices during the year that they were produced Unemployment state a person is in if they cannot get a job despite being willing to work and actively seeking work Undesirable because talents and skills wasted Loss of goods and services that could have been produced Inflation increase in the overall level of prices Macroeconomic models clarify important questions about the powers and limits of government economic policy Can governments promote long-run economic growth?Can governments promote long-run economic growth?...
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This note was uploaded on 11/21/2010 for the course ECON 101 taught by Professor M.h.baligh during the Fall '09 term at Bergen Community College.
- Fall '09