Like this study set? Create a free account to save it.

Sign up for an account

Already have a Quizlet account? .

Create an account

Some poor countries grow faster than the US- what is this phenomena called


as countries become richer, they spend less on food. what happens to the relative price of food?


what scenario does malthusian trap refer to

a scenario where an economy is stuck with too little resources for a growing population, so the economy stagnates

why are stable political institution a necessary precondition for persistent growth?

because they guarantee property rights and thus incentivise innovation

name the three stages of technological progress

invention, innovation, diffusion

what is the nairu

the non accelerating inflation rate of unemployment, refers to the medium run or natural unemplyment rate at which inflation stays constant

what happens to the unemployment rate if the participation rate declines and employment remains the same


what does lucas critique refer to

policies that do not take into account the response of private agents are ineffecive

the intersection of the AS and AD curve denotes the medium run this statement correct?

no, expected prices have to equal actual prices

what does monetary neutrality mean

monetary variable has no effect on real variables in the medium run, monetary policy cannot impact real variable in the medium run

name two functions of money

means of transactions, store of value, for speculation purposes

Please allow access to your computer’s microphone to use Voice Recording.

Having trouble? Click here for help.

We can’t access your microphone!

Click the icon above to update your browser permissions and try again


Reload the page to try again!


Press Cmd-0 to reset your zoom

Press Ctrl-0 to reset your zoom

It looks like your browser might be zoomed in or out. Your browser needs to be zoomed to a normal size to record audio.

Please upgrade Flash or install Chrome
to use Voice Recording.

For more help, see our troubleshooting page.

Your microphone is muted

For help fixing this issue, see this FAQ.

Star this term

You can study starred terms together

Voice Recording