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Revision - GDP, Business Cycle, Inflation, Unemployment, Aggregate Supply and Aggregate Demand Flashcards | StudBud
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Revision - GDP, Business Cycle, Inflation, Unemployment, Aggregate Supply and Aggregate Demand
Revision - GDP, Business Cycle, Inflation, Unemployment, Aggregate Supply and Aggregate Demand
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1
The lowest possible level of unemployment defines which of the following terms
Frictional Unemployment
Full Employment
Structural Unemployment
Cyclical Unemployment
2
GDP that has been adjusted for inflation
Nominal GDP
Inflated GDP
Current GDP
Real GDP
3
Recession leads to lower auto sales would lead to which of the following types of unemployment?
Structural
Seasonal
Cyclical
Frictional
4
Unemployment increases during which phase of the business cycle?
Contraction
Expansion
5
Unemployment caused by the demand for labor no longer being needed; ex. Robot taking over job.
Season Unemployment
Cyclical Unemployment
Frictional Unemployment
Structural Unemployment
6
Aggregate Supply Curve Shifts to the right
Both price level and GDP decreases
Price Level increases, GDP decreases
Both Price Level and GDP increases
Price Level decreases, GDP increases
7
Which of the following are counted towards GDP?
new and final products
intermediate items
stocks and bonds
used items/re-sale items
8
This is a person who has given up looking for a job and tends to be the least skilled worker
Discouraged worker
Seasonally unemployed worker
Frictional Unemployed worker
Cyclically unemployed worker
9
Which of the following people are not considered part of the civilian labor force?
People who are institutionalized
Students
Retired People
All the above are NOT considered part of the labor force
10
A combination of high inflation and little to no economic growth
Recession
Depression
Contraction
stagflation
11
Transfer payments such as unemployment benefits are included in GDP.
True
False
12
Which of the following is the GDP output expenditure model to calculate GDP?
C+I+G+F(X-M)
C-I+G-X
C+I/population
13
Decrease government spending, increase in income taxes , and decrease in business invesment
Aggregate Supply Curve to shift left
Aggregate Demand Curve to shift right
Aggregate Demand Curve to shift left
Aggregate Supply Curve to Shift Right
14
Which of the following groups are hurt by inflation?
All the above are groups hurt by inflation
None of the above are groups hurt by inflation
Banks who loan out money at a fixed rate of interest
People on fixed incomes
15
Increase in Spending by Businesses, Consumers, and the Government causes which of the following
Aggregate Demand curve to shift left
Aggregate Demand Curve to shift right
Aggregate Supply Curve to shift right
Aggregate Supply Curve to shift left
16
Negative GDP growth for two consecutive quarters (six months)
Peak
Stagflation
Expansion
Recession
17
GDP that has NOT been adjusted for inflation and is also called current GDP
Demand Pull Inflation
Real GDP
Inflation GDP
Nominal GDP
18
Workers are laid off during a downturn in the economy is an example of:
Seasonal Unemployment
Structural Unemployment
Frictional Unemployment
Cyclical Unemployment
19
Sales decline during which phase of the business cycle?
expansion
contraction
20
People who are actively looking for a job and can't find work are part of the unemployment rate
False
True
21
GDP divided by population calculates
demand pull inflation
cost push inflation
per capita GDP
the unemployment rate
22
On average Inflation increases during which phase of the business cycle?
Expansion
Contraction
23
Welfare payments and Social Security are examples of automatic stabilizers
True
False
24
Workers are replaced by new technology, a new industry emerging, or a robot
seasonal unemployment
Cyclical Unemployment
Frictional Unemployment
Structural Unemployment
25
On average the government will increase taxation and decrease spending during the:
during the contraction phase of the business cycle
expansion phase of the business cycle
26
Construction Workers in Wisconsin who are unemployed during the winter
Cyclical Unemployment
Seasonal Unemployment
Structural Unemployment
Frictional Unemployment
27
The general rise in price levels for goods and services
deflation
inflation
28
The C in the GDP Output-Expenditure Model stands for?
Government sector
Foreign Sector
Business Invesement
Personal Consumption/Consumer Spending
29
Type of inflation- Rise in prices caused by an increase in input costs (oil prices rising)
Cost Push
Demand Pull
30
Aggregate Supply Curve shifts to the Left
Both price level and GDP increases
Price level increases, GDP decreases
Both price level and GDP decreases
Price level decreases, GDP increases
31
The Government conducts fiscal policy through:
both taxes and spending
spending
taxes
Neither taxes or spending
32
What type of inflation is caused by consumers, businesses, and the government spending more
Demand Pull
Cost Push
33
Phase of the business cycle that occurs right before a contraction?
Recovery
Expansion
Peak
Trough
34
Government spends more money than they collect in taxes, during a given YEAR
debt
deficit
35
The most important and broadest measure of an economy
Inflation
Unemployment
Real GDP
CPI
36
The general decline in price levels
inflation
deflation
37
How do Economists measure price changes?
Per Capita GDP
Real GDP
Demand Pull Inflation Calculator
CPI- Consumer Price Index
38
Type of inflation: Increase in wages, Increase in the price of oil
Demand Pull Inflation
Cost Push Inflation
39
A college graduate looking for their first job or someone who is fired from their job
Seasonal Unemployment
Structural Unemployment
Cyclical Unemployment
Frictional Unemployment
40
The number one cause of long term inflation
Cost Push Inflation
Demand Pull Inflation
Consumers spending increases
The government printing off too much money
41
Aggregate Demand Curve shifts to the right
Both price levels and GDP increases
Both price levels and GDP decreases
Price Level increases, GDP decreases
Price Level decreases, GDP increases
42
Increase in labor productivity, new technology, and lower input prices causes:
Aggregate Demand curve to shift to the right
Aggregate Supply Curve to shift to the left
Aggregate Supply Curve to shift to the right
Aggregate Demand Curve to shift to the left
43
Which of the following does NOT count towards GDP?
All of the above are NOT include in GDP
stocks and bonds
used items
intermediate goods
44
This type of inflation is caused by the demand for goods and services increasing
Demand Pull
Cost Push
45
Aggregate Demand Curve Shifts to the Left
Both price levels and GDP decreases
Both Price Levels and GDP increases
Price Level decreases, GDP increases
Price Level increases, GDP decreases
