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ECO 201 Final Exam Review

Horizontales
Created when the federal government collects more in taxes than it spends.
Inflation implies that the level of all prices ___.
A government imposed price that is typically below the equilibrium price
Latin for "other things equal"
Economists classify automobiles and furniture as ____.
Measure of GDP that adds together consumption, investment, government purchases and trade balance
Curve that shows the maximum amount of two goods that can be produced, assuming the full use of available resources
Concerned with what is:
Created when the federal government spends more than it collects in taxes
Caused a greater share of income to be collected from those with high incomes
The most commonly cited measure of inflation of the US
Real GDP/Population
Consists of all adults who are working or actively seeking work.
Verticales
The pleasure, happiness, or satisfaction received from a product
Means the government spending and taxes are equal
Institution that determines the quantity of money in the economy as its most important task
Used clothing is what type of good?
Production of the product mix most wanted by society
Concerned with what ought to be
The result of an effective price floor.
Type of unemployment caused by recession
The value of all final goods and services produced domestically.