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General Econ Unit 2 Test Review Flashcards | StudBud
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General Econ Unit 2 Test Review
General Econ Unit 2 Test Review
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Questions
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Answers
1
Unemployment due to the time workers spend looking for a job
Cyclical
Structural
Natural
Frictional
2
Printing more money causes inflation
False
True
3
An actor replaced by AI generated actor is experiencing which type of unemployment
Cyclical
Structural
Natural
Frictional
4
Rent payments are included in GDP
False
True
5
GDP measures
The number of workers participating in the economy
The value of goods produced in an economy minus the value of services
The total value of all goods and services produced in an economy
The overall impact of inflation on an economy
6
If Real GDP increases, an economy is...
Experiencing recession
Shrinking
Experiencing inflation
Growing
7
Higher interest rates can reduce inflation
True
False
8
The percent by which the actual unemployment rate varies from the natural unemployment rate
Cyclical
Frictional
Structural
Natural
9
Cost-push inflation is caused by
Increase in demand for a good/service
Decrease in the cost of shipping
Printing too much money
Increase in cost of producing goods/services
10
Which of the following is not a GDP component
Investment
Consumption
Consumer income
Net Exports
11
Nominal GDP is adjusted for inflation
False
True
12
A decrease in the number of suppliers would shift supply to the...
Right
Left
13
If the GDP of Country A is 15 billion, and the GDP of Country B is 10 billion, then...
Country A is a larger economy
Country B has higher national debt
Country B is experiencing a recession
Country A has lower unemployment
14
More spending = less inflation
False
True
15
Which curve is this?
GDP
Aggregate income
Demand
Supply
16
Imported goods are included in GDP
True
False
17
An increase in popularity of an item would shift demand for the item to the...
Right
Left
18
Consumers thinking there will be high inflation in the future can cause inflation
True
False
19
Equilibrium price is the point at which suppliers and demanders agree on price
True
False
20
An increase in supply causes a decrease in price
True
False
21
The general rate of unemployment in a given economy - considered "full employment"
Frictional
Structural
Natural
Cyclical
22
High inflation benefits borrowers with fixed interest rate loans
False
True
23
How would an increase in demand affect price?
Price would decrease
Change in price can't be determined
Price would increase
Price would stay the same
24
The demand curve is upward sloping
True
False
25
Equilibrium price cannot change
False
True
26
Second-hand goods are included in GDP
True
False
27
Real GDP is adjusted for inflation
True
False
28
An increase in costs resulting from an increase in demand for goods and services is
Cost-push inflation
Demand-pull inflation
Wage-Price Spiral
Multiplier Effect
29
Stimulus checks are included in GDP
True
False
30
Unemployment caused by changes in technology, workers lacking necessary skills for available jobs
Structural
Frictional
Natural
Cyclical
