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Details Title: Macro Description: Chap. 4 Total Flash Cards: 8 Created: 07/11/2006 21:21:05	To study from this set of flash cards, or to create your own your own study flash cards, register HERE. If you are already a registered user, CLICK HERE.
Cards Term aggregation Definition the adding up of individual economic variables to obtain economy-wide totals Term average labor productivity Definition output per employed worker Term fiscal policy Definition decisions that determine the government's budget, including the amount and composition of government expenditures and government revenue Term macroeconomic policies Definition government actions designed to affect the performance of the economy as a whole Term monetary policy Definition determines the nation's money supply Term normative analysis Definition addresses the question of whether a policy should be used; involves the value of the person doing the analysis Term positive analysis Definition addresses the consequences of a particular event or policy, not whether those consequences are desirable Term structural policy Definition government policies aimed at changing the underlying structure, or institutions, of the nation's economy