EPF: Module #5- National Economic Indicators and Goals Review

During periods of deflation, there is a decrease in the prices of goods and services.

Real GDP fluctuates from year to year but is always higher than nominal GDP.

___________ is the monetary value of all final goods and services produced in a country over one year.

During an economic downturn how can the Federal Gov. choose to raise revenue to pay for additional government spending?

Underemployed workers include part-time workers who want to be working full time.

When real GDP growth is increasing, which of the following is most likely to decrease?

The unemployment rate has ______________ over time.

Venezuela experienced __________ when the inflation rate rose to over 4,000% in 2017.

What are the actions of the Federal Reserve System that affect the money supply, interest rates, & credit?

Fiscal/monetary policies can both be used to maintain a healthy, stable economy, but can't be used at the same time.

Which of the following is a final good or service?

Compared to high school graduates, those who complete additional education after high school have ___________.

A significant decline in general economic activity extended over a period of time is known as a(n) _______________.

The business cycle:

If a country’s real GDP was higher in 2018 than in 2017 the country experienced ______.

The civilian labor force includes ______________.

A period when economic output decreases is known as a(n) ___________.

Since 1950, the growth rate of the U.S. economy, as measured by real GDP, has averaged about ______________.

If the Real GDP of Duoland grew 3% last year, and the population of Duoland grew 1%, the standard of living __________.

Productivity in the United States has increased, therefore America’s standard of living has increased.

Max was laid off from his job because there was a recession. What type of unemployment did Max experience?

_______ inflation occurs when the economy experiences a period when consumers fearing higher prices over purchase goods.

What is the most commonly used measure of price-level change?

A ___, is when businesses and households begin to spend more, & employment and income to stop falling and begin rising.

Inflation caused by an overall increase in the price of energy is _________ inflation.