Macroeconomics Cram Review

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Last updated 9:11 PM on 4/27/26
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5 Terms

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What is price level?

The average current price of a comprehensive basket of goods and services in an economy at a certain point in time.

2
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What is monetary policy?

The management of the money supply and interest rates by the central bank (The Fed in the US) to ensure the dual mandate

3
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What is fiscal policy?

The use of government spending and taxation to influence aggregate growth, demand, and employment to stimulat the economy

4
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What is the dual mandate?

The Fed’s two goals of maximizing employment and stabilizing prices. This means unemployment and inflation stays at around 2%

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