ECON210 Principles of Macroeconomics - ECON210 Principles of Macroeconomics Introduction to Macroeconomics Macroeconomics is concerned with both

ECON210 Principles of Macroeconomics - ECON210...

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ECON210 Principles of Macroeconomics Introduction to Macroeconomics Macroeconomics is concerned with both Long-run trends and short-run fluctuations in economic performance. A(n) __________ is an economic phenomenon that is characterized by a __________ in output and price level. Depression; large decrease A period where the real gross domestic product (GDP) declines for at least two consecutive quarters is known as Recession The term that describes the percent of the labor force that is unemployed is known as Unemployment If a recession were to turn into something very prolong and deep, it could then be called a(n) Depression The term __________ refers to something that is __________. macro; large and expansive If the overall level of prices is slowly increasing, there is Low inflation An increase in the overall price level is known as Inflation An ideal economy is one in which there is __________. low inflation If the price of a hamburger was $0.15 in 1960 and a similar hamburger today costs $1.50, this would be an example of Inflation When many prices increase simultaneously, there is Inflation

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