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Inflation is _____

If real gross domestic product (GDP) for a particular year is $5 trillion and the GDP price index for that year is 136, the nominal gross domestic product (GDP) for that year is _____.

Net exports equal _____

If real gross domestic product (GDP) in a particular year is $5,000 trillion and nominal gross domestic product (GDP) in that same year is $4,000 trillion, then the:

Which type of unemployment is likely to decrease the most during an economy’s boom?

Exhibit 17.1 Refer to Exhibit 17.1, which shows the market equilibrium for corn in the United States. If the world price of corn is $2 and there are no trade restrictions, the United States will:

Suppose the nominal wages of workers in an economy increase by 7 percent while the price level rises by 5 percent. Real wages _____

The inflation experienced in the United States during the 1970s as a result of OPEC oil price increases is an example of _____

A decrease in a person’s real wage necessarily means _____

Exhibit 7.1 Refer to Exhibit 7.1, which shows the aggregate demand and aggregate supply curves of an economy. In the graph below, the rise in the price levels from P1 to P2 is a result of _____