Economics Ch. 12

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In an economy, when the price level falls, consumers and firms buy more goods and services. This relationship is represented by the…

Aggregate demand curve

Compared with the income approach to calculating GDP, the expenditure approach is…

More practical

The total amount of goods and services in the economy available at all possible price levels

Aggregate supply

A decline in GDP combined with a rise in the price level


The dollar value of all final goods and services produced within a country’s borders in a given year

Gross domestic product

The lowest point in an economic contraction, when real GDP stops falling


An increase in efficiency gained by producing more output without using more inputs

Technological progress

A prolonged economic contraction


A system that collects macroeconomic statistics on production, income, investment, and savings

National income accounting

The loss of the value of capital equipment that results from normal wear and tear


An example of a nondurable good is…

A paperback book

An example of capital deepening would be…

Paying for an employee to take college courses

The calculation of GDP would include…

The income of a high school English teacher

An accurate statement about the Great Depression would be that…

It was the most severe economic downturn in the history of industrial capitalism

Which of the following is an example of a final good or service?

A cake purchased from a bakery for a wedding

GDP expressed in constant, or unchanging, prices is called…

Real GDP

The main economic variables that affect business cycles include all of the following EXCEPT…

Personal savings levels

Compared with the expenditure approach to calculating GDP, the income approach is…

More accurate

The agency that maintains the National Income and Product Accounts (NIPA) is…

The U.S. Department of Commerce

An example of a durable good would be…

A used car

Products that would be used in calculating GDP include…

Cars manufactured in Tennessee at a factory owned by a Japanese automobile company

The amount of money a person has left of his or her income after taxes is called

Disposable personal income

The lowest point in an economic contraction is called…

A trough

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