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