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The Macro Perspective and Economic Growth

Horizontales
When low and middle-income countries grow faster than high-income countries
GDP divided by the population
The difference between exports and imports
Goods that are long-lasting like cars and household appliances
Goods that are excluded from GDP because they are used in the production of other goods
Advances in knowledge
All elements that affect people's well-being
The amount of a statistic after it is adjusted for inflation
Accumulated knowledge
This country had the highest growth rate of GDP from 1990-2000
This country has had declining growth since 1998 and one of the lowest ranking for its legal system according to the World Bank
Business spending
Verticales
A nation's overall economy is typically measured by this
The highest point of the economy
This growth rate means that the rate of growth is being multiplied by a base that includes past GDP growth
Occurs when output is counted more than once
The literacy rate in this country was 66% for females between 15 and 24.
All income to businesses, individuals and personal income
The US has experienced this due to higher imports
The joker in the deck
The value of one currency in terms of another currency
_______ of scale is one factor that determines labor productivity
The industrial revolution began in this country
One of the goals for the macro economy is Low _________.
The spending for this group accounts for about 2/3 of GDP
A lengthy and deep recession
The largest component of GDP on the supply side
The macro economy includes all buying, selling, production and __________.
This function refers to the process of turning inputs into outputs
______ must be clear, fair, enforced, and equally applicable to all members of society