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ECON CH 13 Review Flashcards | StudBud
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ECON CH 13 Review
ECON CH 13 Review
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Questions
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Answers
1
What stage is #7 called
Contraction
Peak
Expansion
Trough
2
Results from changes in the weather or changes in the demand for certain products
Cyclical Unemployment
Structural Unemployment
Frictional Unemployment
Seasonal Unemployment
3
Inflation in the range of 1-3% per year
Deflation
Inflation
Lurking Inflation
Creeping Inflation
4
What stage is #6 called
Peak
Expansion
Contraction
Trough
5
Unemployment caused by workers who are "between jobs"
Technological unemployment
Cyclical unemployment
Structural Unemployment
Frictional unemployment
6
What stage is #5 called
Trough
Peak
Expansion
Contraction
7
What stage is #4 called
Trough
Expansion
Peak
Contraction
8
Number of unemployed persons divided by the total number of persons in the civilian labor force
Unemployment rate
Underemployment
Outsourcing
Misery index
9
Occures when a fundamental change in the operations of the economy reduces the demand for workers and their skills
Structural Unemployment
Cyclical Unemployment
Frictional Unemployment
Seasonal Unemployment
10
A decrease in the general level of prices
Inflation
Creeping inflation
Stagflation
Deflation
11
An increase in the general level of prices
Stagflation
Creeping inflation
Inflation
Deflation
12
Slow economic growth coupled with inflation
creeping inflation
deflation
stagflation
hyperinflation
13
Inflation in the range of 500% a year and above
Stagflation
Hyperinflation
Ultrainflation
Megainflation
14
Unemployment directly related to swings in the business cycle
Technological Unemployment
Fictional Unemployment
Structural Unemployment
Cyclical Unemployment
15
What stage is #2 called
Peak
Trough
Contraction
Expansion
16
What stage is #1 called
Contraction
Expansion
Peak
Trough
17
What stage is #3 called
Trough
Peak
Expansion
Contraction
18
OCCURS WHEN WORKERS ARE REPLACED BY MACHINES OR AUTOMATED SYSTEMS THAT MAKE THEIR SKILLS OBSOLETE
Misery Index
Nonfictional Unemployment
Cyclical Unemployment
Technological Unemployment
19
Statistical series used to measure changes in the level of prices over time
Implicit GDP price deflator
Econometric model
Composite index of leading economic indicators
Consumer Price Index
