Fall_2007_Midterm_1_pg_10

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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. 12
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This note was uploaded on 01/28/2012 for the course ECON 1102 taught by Professor Someguy during the Fall '07 term at Minnesota.

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