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Exhibit 15-7
-Referring to Exhibit 15-7,an increase in the price level will cause a move from
Unemployment Rate
The fraction of the total employment market that remains without work but is eagerly searching for jobs and is willing to be employed.
Severe Recessions
Extended periods of economic decline around the world characterized by significant reductions in economic activity, high unemployment, and often deflation.
Stagflation
A situation in an economy where there is a combination of stagnant economic growth, high unemployment, and high inflation.
New Deal
A collection of initiatives, including programs, public work projects, financial reforms, and regulations, that were implemented by President Franklin D. Roosevelt in the United States throughout the 1930s as a reaction to the Great Depression.
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