macro set 6 0.0 / 5 ? EconomicsMarket failureASOCR Created by: inayahCreated on: 17-05-14 08:47 multiplier effect the process by which any change in a component of AD results in a greater final change in real gdp 1 of 13 net exports the value of exports minus the value of imports 2 of 13 net savers people who save more than they borrow 3 of 13 nominal GDP output measured in current prices and so not adjusted for inflation 4 of 13 occupational mobility of labour difficulty in moving from one type of job to another 5 of 13 output gap the difference between an economies actual and potential real gdp 6 of 13 overheating the growth in AD outstripping the growth in AS, resulting in inflation 7 of 13 price level the average of the prices of all the products produced in an economy 8 of 13 privatisation transfer of assets from the public to the private sector 9 of 13 progressive tax a tax that takes a higher % from the income of the rich 10 of 13 protectionism the protection of domestic industries from foreign competitors 11 of 13 quota a limit on exports 12 of 13 rate of interest the charge for borrowing money and the amount paid for lending money 13 of 13
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