CLEP Macroeconomics Terms & Definitions Practice Test

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Deflation
When the equilibrium real GDP level is below the full employment output level. the recessionary gap is the amount by which equilibrium would have to increase to reach full employment output level
Sustained decrease in general price level
Unsteady inflation that exceeds 10 percent per year and grows month after month
The person who owns the goods or services you want has a desire for what you have to barter with