Macro Definitions

1. TARIFF=a tax on imports into an economy QUOTA=a limit on the quantity of goods imported into an economy (6, 3, 5)
4. Individuals who are willing, able and actively seeking work but who do not have a job (12)
5. Government control of taxation and spending (6, 6)
7. The difference between the actual level of GDP and the potential level of GDP of an economy (3, 6, 3)
8. EXPORTS=goods and services sold abroad IMPORTS=goods and services bought from abroad (7, 3, 7)

2. Government control/management of the money supply, interest rates and the exchange rate (8, 6)
3. COST-PUSH INFLATION=an increase in the general price level due to an increase in the costs of production DEMAND -PULL INFLATION= an increase i the general price level due to an increase in the level of aggregate demand (3, 5, 2, 9)
6. The total value of goods and servicesthat producers in an economy are willing and able to supply at a given price level in a given period of time (9, 6)
8. In the short run an increase in real GDP and in the long run and increase in the productive capacity of the economy (8, 6)
9. The charge for borrowing money and the return to savers (8, 4)

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