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In economics, what is a government budget deficit called when public spending exceeds government revenue?
Answer
Budget deficit
In economics, what term describes a fall in a currency’s value relative to other currencies under a floating exchange rate?
Answer
Currency depreciation
In economics, what is the price at which the quantity supplied equals the quantity demanded called?
Answer
Equilibrium price
In economics, what is the total value of goods and services sold abroad by a country called?
Answer
Exports
In economics, what is a situation where economic output falls while prices continue to rise called?
Answer
Stagflation
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In economics, what is the price at which the quantity supplied equals the quantity demanded called?
Answer
Equilibrium price
In economics, what is the percentage of an additional dollar of income that a person spends called?
Answer
Marginal propensity to consume
In economics, what is the total income earned by a country’s residents and businesses in a year called?
Answer
Gross national income
In economics, what is the percentage change in quantity demanded divided by the percentage change in income called?
Answer
Income elasticity of demand