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Fall_2007_Midterm_1_pg_10 - 1 2 3 4 5 6 7 8 9 10 11 12 13...

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10 1 a sustained increase in the general price level. 2 a period of time during which the total output of the economy declines. 3 the sum of the money values of all final goods and services produced in the domestic economy and sold on organized markets during a specified period of time. 4 is calculated by valuing all outputs at current prices. 5 is calculated by valuing outputs of different years at common prices. 6 those that are purchased by their ultimate users. 7 a good purchased for resale or for use in producing another good. 8 the ratio of real GDP divided by the population. 9 a sustained decrease in the general price level. 10 inflation that occurs while the economy is growing slowly or having a recession. 11 unemployment that is due to normal turnover in the labor market. It includes people who are temporarily between jobs because they are moving or changing occupations, or for similar reasons.
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