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Macro Unit 2 review Flashcards | StudBud
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Macro Unit 2 review
Macro Unit 2 review
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A review of Macro Unit 2 -GDP, unemployment and inflation
Flashcards
16 cards
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Questions
16
Answers
1
What IS included in GDP
Government transfer payments
Government purchase of tanks
Used car
The tires Ford buys for their new cars
2
What is NOT included in GDP
Buying a new machine for my business
IBM stock
Little Caesar's Pizza
New Economics review book
3
A stay at home dad decided to go back to work & searches for a job. What type of unemployment?
Not employed
Structural
Frictional
Cyclical
4
Which unemployment type counts for the Natural Rate of Unemployment?
Frictional and Cyclical
Frictional and Structural
Cyclical only
Cyclical and Structural
5
If real GDP = 200 billion and the price index = 200, Nominal GDP =
$200 billion
$400 billion
$4 billion
$2 billion
6
GDP is $10 million; C=$5 million, G=$3 million, exports $2 million, imports $3. How much is I?
$3 million
$1 million
$0 million
$2 million
7
When Demand increases faster than Supply, prices go up. What is this an example of?
Deflation
Cost-push inflation
Wage Spiral
Demand-Pull inflation
8
Advances in technology make the assembly-line worker's job obsolete. What type of unemployment?
Not empluyed
Structural
Frictional
Cyclical
9
What are the 4 phases of the business cycle?
peak, recession, trough, contraction
recession, trough, contraction, expansion
peak, expansion, contraction,inflation
peak, recession, trough, recovery
10
What is the best measure of economic growth
Nominal GDP per captia
Nominal GDP
Real GDP
Real GDP per capita
11
Population 2,000 total employed 950 and unemployed 50. What is the size of the labor force?
950
900
1000
2000
12
A worker who has a masters degree but takes a job that only requires a bachelors degree?
unemployed
discounted worker
underemployed worker
discouraged worker
13
A computer programmer is laid off because of a recession. What kind of unemployment?
Frictional
Not employed
Structural
Cyclical
14
Which of the following is a cause of cost-push inflation
Higher Labor Cost
Lower prices for raw material
Lower wages
Higher demand of products and services
15
A negative Supply Shock will cause
Demand-pull inflation
Velocity
Cost-push inflation
Wage-Spiral inflation
16
Population 2000. Total Employed 950 unemployed 50. What is the unemployment rate?
5.5 %
5 %
2.5 %
7 %
