Explain the difference between macroeconomic variables that are in ter

Explain the difference between macroeconomic variables that are in terms of levels and growth rates. Which important macroeconomic variables are which? Which one is the unemployment rate?

What will be an ideal response?

ANSWER

Variables such as GDP and the price level are in terms of levels. Inflation and GDP growth are in terms of growth rates, meaning that they are measured between two different points in time. Unemployment rates are a percentage, but the unemployment rate is not a growth rate because it is not measured over time.