Measuring Macroeconomic Performance

Question 1

Macroeconomics

Answer 1

The study of an economy as a whole

Question 2

Macroeconomic objectives

Answer 2

1. Low and stable inflation
2. Low unemployment
3. Balance of payments
4. Economic growth

Question 3

Economic growth

Answer 3

The increase in total GDP
- an increase in national output/expenditure/income

Question 4

Unemployment

Answer 4

People of working age who are willing and able to work cannot find a job

Question 5

Inflation

Answer 5

A sustained increase in general price levels in an economy