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16 Cards in this Set
- Front
- Back
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What do business cycles measure
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Changes in the economy over time
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What is the peak of a business cycle
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High output
High employment |
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What is declining employment and declining output in a business cycle called
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Recession
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What is low output and low employment called In a business cycle
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Trough
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What is rising output and employment called In a business cycle
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Expansion
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What government agency dates recessions
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NBER
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What does Keynesian economics say
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That economic slumps are caused by inadequate spending and can be mitigated by government intervention
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Monetary policy
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Uses changes in the quantity of money to alter interest rates and affect overall spending
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What is fiscal policy
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Uses changes in government spending and taxes to affect overall spending
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Monetary and fiscal policy fall under which economic philosophy?
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Keynesian
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What does private sector employment mean?
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Total number of jobs offered by private businesses
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What does index of industrial production mean
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A measure of total output from U.S. Factories
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Who officially declares recessions
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NBER
National bureau of Economic Research |
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What is the alteration between recessions and expansions known as?
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Business cycle
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When did modern macroeconomics come into being?
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As a response to the Great Depression (1929-1933)
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When did John Maynard Keynes work get published
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During te Great Depression
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