Macroeconomists focus their attention on three key economic statistics. Which are they?
Differentiate between nominal GDP and real GDP
Differentiate between savings and investments.
What is uncertainty in Economics terms?
What is “expectation” in economics terms? Provide at least one example to corroborate your answer
What is economic shock?
What is sticky price?
Why demand shocks a problem to consider in macroeconomics?
Explain how short-run fluctuations in the national output are the results of demand shocks
What is the importance of flexible prices over sticky prices?
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