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4 Cards in this Set

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  • Back
  • 3rd side (hint)

The best measure of a country's standard of living is

GDP per capita

GDP per ...

An economic growth model explains

Changes in the real GDP per capita in the long run.

Changes in the real GDP per capita in the ...

When additions of input to a fixed quantity of another input lead to progressively smaller increases in output, we say we are facing

Diminishing returns

... Returns

The aggregate expenditure model focuses on the relationship between ......... And ........ In the short run, assuming ....... Is constant

Total spending; real GDP; the price level

Total ........; real ........; the ....... Level