What is the definition of Deflation?

The general decrease of prices over time

What is the business cycle?

It measures changes in real GDP over time

What is the definition of economic growth?

A steady increase in real GDP over time

A period of contraction that lasts 6+ months

How confident do you feel about this content?

I feel great! Bring on the test., 50/50, I have no idea., Um...I know some but don't know a lot.

How are GDP and economic growth related?

Economic growth is an a steady increase in real GDP

Someone with this type of raise stands to be a winner during inflation.

COLA: Cost of Living Adjustment

Real GDP is.... (2 answers total)

is more accurate than nominal GDP, adjusted for inflation

What is the definition of Inflation?

The general increase of prices over time

studbud

Unit 2 Review - Econ 211

85 termsStudBud Administration30 plays

Fiscal Policy: Fiscal Policy Review Inflation & GDP: This is a brief review quiz on Inflation and GDP, it reviews basic terms and concepts. Inflation (Calc. % change and tables): calculate % change and use tables Unemployment & Business Cycle:

Flashcards85 cardsFPractice quizPHost liveL

Questions 85

Answers

1
Which of the following represents individual and household spending under GDP?
Consumer Expenditures
Consumption spending
Consumer spending
Household spending
2
Calculate the percentage change between 1930 and 1940
9.1%
8.1%
10.1%
11.1%
3
What does This graph show?
Inflation
Deflation
A red zig zag
Disinflation
4
An appropriate fiscal policy for a severe recession is:
D
B
A
C
5
Which of these forms of unemployment is due to the company having internal issues
Frictional Unemployment
Structural Unemployment
Seasonal Unemployment
Cyclical Unemployment
6
Calculate the percentage change from 1990 to 2000
57.4%
-34.4%
-154.0%
165.3%
7
Inflation and GDP are both examples of what?
Types of income
Taxes
Economic Indicators
Topics in Microeconomics
8
Loss of jobs due to development of new technologies and changes in consumer demand refers to:
Structural Unemployment
Random Unemployment
Cyclical Unemployment
Seasonal Unemployment
9
Contradictory fiscal policy is so named because it:
A
C
D
B
10
This part of the GDP equation includes all goods and services purchased by private households
Net Exports
Government
Consumer
Investment
11
What is the definition of Deflation?
The general decrease of prices over time
An increase in financial flow
The general increase of prices over time
A decrease in financial flow
12
Depletion of natural resources falls under which type of unemployment
Structural Unemployment
Frictional Unemployment
Cyclical Unemployment
Seasonal Unemployment
13
Which of the following are services? (There are 2)
iPhone
Sandwich
A concert
Tennis lesson
14
What is the lowest point in the graph of a business cycle?
Expansion
Trough
Peak
Recession
15
During the trough phase, economic activity is at a high level
False
True
16
In which phase of the business cycle does inflation grow quickly?
Trough
Recession
Expansion
Peak
17
Other things equal which of the policies will have the most expansionary effect on the economy
A
D
C
B
18
This is income as a stated dollar amount.
Interest Income
Cost of Living Adjustment
Nominal Income
Real Income
19
What is the business cycle?
It measures changes in real GDP over time
I don't know
it shows how the economy changes
it shows how businesses grow
20
Net Exports means....
(Import+Exports)
(Imports-Exports)
(Exports-Imports)
(Exports+Imports)
21
Mr.Power's company is losing and he chooses to lay-off Hwai Saint. What is this an example of?
Frictional Unemployment
Structural Unemployment
Seasonal Unemployment
Cyclical Uneployment
22
The effect of a government surplus on the equilibrium level of GDP is substantially same as
A
C
D
B
23
What does "GDP" stand for?
Growth of Dollars Produced
Gross Dollar Product
Growth Domestic Product
Gross Domestic Product
24
GDP per capita measures...
GDP divided by the population
how much GDP is in the capital of a country
the amount of GDP divided by the size of the capital
25
Discretionary fiscal policy refers to:
B
D
A
C
26
A contractionary fiscal policy is shown as a:
C
D
A
B
27
What happens between 1970 and 1980?
Disinflation
Deflation
Discombobulation
Inflation
28
What is the definition of economic growth?
A steady increase in nominal GDP over time
A steady increase in real GDP over time
When a country's economy gets bigger
When a country grows in size
29
What is a recession?
A period of contraction that lasts 6+ months
A period of contraction that lasts 3+ months
A period of contraction that lasts 2+ years
30
How confident do you feel about this content?
I feel great! Bring on the test.
50/50
I have no idea.
Um...I know some but don't know a lot.
31
How are GDP and economic growth related?
Economic growth is real GDP
Economic growth is an a steady increase in real GDP
they both measure the economy
I don't know
32
Which of the following is an example of a good?
haircut
mowing the lawn
iPhone
getting your nails done
33
Which of the following represents the most expansionary fiscal policy?
C
B
D
A
34
Which of the following is not a job where seasonal unemployment exists?
Landscaper
Lifeguard
Lawyer
Ski-Instructor
35
Inflation is measured by this - keeping track of changes in a fixed basket of goods + services
Consumer Price Index
Real Income
Nominal Income
Gross Domestic Product
36
Discretionary fiscal policy will stabilize the economy most when:
C
A
B
D
37
This type of inflation is supply related; an increase in production costs drives up prices
Real Inflation
Cost-Push Inflation
Demand-Pull Inflation
Nominal Inflation
38
An appropriate fiscal policy for severe demand-pull inflation is:
B
A
D
C
39
Assume the economy is in recession, which policy would beconsistent with active fiscal policy
B
A
D
C
40
What is the price of Bread in year 7 on page 16?
$4.50
$2.34
$5.29
$3.48
41
Which of the following represents the most contractionary fiscal policy?
A
B
C
D
42
Which source expansionary if the gvt raises spending during recession to assist the economy
C
B
D
A
43
This type of inflation occurs when total demand for goods rises faster than total output.
Cost-Push Inflation
Normative Inflation
Demand-Pull Inflation
Real Inflation
44
Someone with this type of raise stands to be a winner during inflation.
SODA: Services of Daily wage Adjustment
COLA: Cost of Living Adjustment
Nominal Income
Real Income
45
In aggregate demand-aggregate supply diagram equal decreases in government spending/taxes will
A
C
B
D
46
Real GDP is.... (2 answers total)
is more accurate than nominal GDP
is the only real calculation
adjusted for inflation
measured in the prices of the year you are studying
47
This part of the GDP equation includes purchases of capital goods to be used in production
Consumer
Government
Net Exports
Investment
48
During the "Expansion" phase in the business cycle, what happens to the rate of unemployment?
Drops
Remains constant
Rises
Unknown
49
Which point of the business cycle has the highest unemployment rate and lowest GDP growth?
Slump
Expansion
Recession
Trough
50
What is the definition of Inflation?
The general decrease of prices over time
The general increase of prices over time
When a specific good or service increases in price
Making the increase of prices legal
51
This part of GDP calc. = difference b/w foreign buyers of US goods & US buying foreign goods
Net Exports
Consumer
Investment
Government
52
A expansionary fiscal policy is shown as a:
C
A
D
B
53
This erodes the value of the dollar and the standard of living.
Inflation
Interest rates
Bubble
GDP
54
What are the 4 stages of the business cycle ?
Peak, valley, growth, shrinkage
Top, bottom, up, down
Expansion, peak, contraction, trough
contraction, peak, growth, valley
55
Katie is saving $ in an account w/ an interest rate of 1% - stands to be a ___ during inflation
Borrower
Loser
Lender
Winner
56
Chris stands to be a ____ during inflation because his income can't adjust for rising costs
loser
winner
lender
borrower
57
Measures GDP in current dollars
Nominal GDP
Normative GDP
Real GDP
Positive GDP
58
This part of the GDP calculation includes spending by all levels of gov't on goods and services
Government
Investment
Net Exports
Consumer
59
How many stages are there in the business cycle?
3
4
6
60
Which of the term below is not part of the business cycle:
Recession
Sorrow
Recovery
Peak
61
C+I+G+NX is the equation for calculating what?
Inflation
GDP
Consumer Price Index
Nominal Inflation
62
What are the 3 topics we covered in this unit?
GDP, Business Cycles, Economic Growth
GDP, economic measurement, and business fluctuations
Economic fluctuations, business growth, and GDP
Economic Cycles, Business Growth & GDP
63
Malik has a 3.75% fixed mortgage rate and inflation is at 4.75% so he stands to be a _____.
Loser
Consumer
Lender
Winner
64
Which of these aren't included in the types of unemployment?
Seasonal Unemployment
Cyclical Unemployment
Structural Unemployment
Sudden Unemployment
65
Timm lost his job due to change in consumer demand, what is this an example of?
Structural Unemployment
Frictional Unemployment
Seasonal Uneployment
Cyclical Uneployment
66
This can be defined as a general rise in the level of prices.
GDP
Macroeconomics
Inflation
Consumer Price Index
67
Discretionary fiscal policy is so named because it:
A
D
B
C
68
What does this graph show?
Disimbogulation
Deflation
Disinflation
Inflation
69
The formula for GDP is:
C+I= (X+M)
B+H+E+NX=GDP
(X-M)=C+B+H
C+I+G+(X-M)=GDP
70
Which of the following does NOT contribute to economic growth:
Physical capital
Higher prices
Technology & Productivity
Human capital
71
What does GDP stand for?
Generational Domestic Product
Guaranteed Damages Policy
Gross Domestic Product
Generational Dichotomy Polling
72
If an economist wanted to study nominal GDP for the year 2015, they would use prices from:
2014
2015
the base year prices
2008
73
The greatest expansionary impact of a budget deficit will occur when the:
C
A
B
D
74
Aggregate demand is excessive causing demand-pull inflation what does the gvt fiscal policy do
C
A
D
B
75
At what point in the business cycle is real GDP the highest?
Expansion
Trough
Contraction
Peak
76
How is percentage change calculated?
( Original x Difference ) / 100
( Difference / 100 ) x Original
(Difference / Original) x 100
Difference x 100
77
what is the definition of Disinflation
A fall in the rate of inflation
A decrease in the costs of goods and services
An increase in the rate of inflation
An increase in the costs of goods and services
78
Fiscal policy refers to the:
A
D
B
C
79
This is like inflation for 1 thing; when costs spike in a specific market or for specific item
Bubble
Nominal Inflation
Cost-Push Inflation
Demand-Pull Inflation
80
Which of the following represents spending by businesses in GDP?
Investment spending
Physical capital spending
Business spending
Capital spending
81
This measures GDP in constant dollars; adjusts for inflation.
Nominal GDP
Positive GDP
Real GDP
Normative GDP
82
Fiscal policy is carried out primarily by:
C
B
D
A
83
Which order of the Business Cycle is correct?
Boom > Expansion > Depression > Recession
Expansion > Depression > Recession > Boom
Trough > Expansion > Peak > Recession
Expansion > Peak > Recession > Trough
84
Expansionary fiscal policy is so named because it:
D
C
A
B
85
Seasonal Unemployment refers to:
Loss of jobs due to extremely hot weather
Loss of jobs due to production inefficiency
Loss of jobs due to changes in climate/seasonal conditions.
Loss of jobs due to the haze

Unit 2 Review - Econ 211 Flashcards | StudBud

Unit 2 Review - Econ 211

85 termsStudBud Administration30 plays

Flashcards85 cardsFPractice quizPHost liveL

Questions 85

Answers

1
Which of the following represents individual and household spending under GDP?
Consumer Expenditures
Consumption spending
Consumer spending
Household spending
2
Calculate the percentage change between 1930 and 1940
9.1%
8.1%
10.1%
11.1%
3
What does This graph show?
Inflation
Deflation
A red zig zag
Disinflation
4
An appropriate fiscal policy for a severe recession is:
D
B
A
C
5
Which of these forms of unemployment is due to the company having internal issues
Frictional Unemployment
Structural Unemployment
Seasonal Unemployment
Cyclical Unemployment
6
Calculate the percentage change from 1990 to 2000
57.4%
-34.4%
-154.0%
165.3%
7
Inflation and GDP are both examples of what?
Types of income
Taxes
Economic Indicators
Topics in Microeconomics
8
Loss of jobs due to development of new technologies and changes in consumer demand refers to:
Structural Unemployment
Random Unemployment
Cyclical Unemployment
Seasonal Unemployment
9
Contradictory fiscal policy is so named because it:
A
C
D
B
10
This part of the GDP equation includes all goods and services purchased by private households
Net Exports
Government
Consumer
Investment
11
What is the definition of Deflation?
The general decrease of prices over time
An increase in financial flow
The general increase of prices over time
A decrease in financial flow
12
Depletion of natural resources falls under which type of unemployment
Structural Unemployment
Frictional Unemployment
Cyclical Unemployment
Seasonal Unemployment
13
Which of the following are services? (There are 2)
iPhone
Sandwich
A concert
Tennis lesson
14
What is the lowest point in the graph of a business cycle?
Expansion
Trough
Peak
Recession
15
During the trough phase, economic activity is at a high level
False
True
16
In which phase of the business cycle does inflation grow quickly?
Trough
Recession
Expansion
Peak
17
Other things equal which of the policies will have the most expansionary effect on the economy
A
D
C
B
18
This is income as a stated dollar amount.
Interest Income
Cost of Living Adjustment
Nominal Income
Real Income
19
What is the business cycle?
It measures changes in real GDP over time
I don't know
it shows how the economy changes
it shows how businesses grow
20
Net Exports means....
(Import+Exports)
(Imports-Exports)
(Exports-Imports)
(Exports+Imports)
21
Mr.Power's company is losing and he chooses to lay-off Hwai Saint. What is this an example of?
Frictional Unemployment
Structural Unemployment
Seasonal Unemployment
Cyclical Uneployment
22
The effect of a government surplus on the equilibrium level of GDP is substantially same as
A
C
D
B
23
What does "GDP" stand for?
Growth of Dollars Produced
Gross Dollar Product
Growth Domestic Product
Gross Domestic Product
24
GDP per capita measures...
GDP divided by the population
how much GDP is in the capital of a country
the amount of GDP divided by the size of the capital
25
Discretionary fiscal policy refers to:
B
D
A
C
26
A contractionary fiscal policy is shown as a:
C
D
A
B
27
What happens between 1970 and 1980?
Disinflation
Deflation
Discombobulation
Inflation
28
What is the definition of economic growth?
A steady increase in nominal GDP over time
A steady increase in real GDP over time
When a country's economy gets bigger
When a country grows in size
29
What is a recession?
A period of contraction that lasts 6+ months
A period of contraction that lasts 3+ months
A period of contraction that lasts 2+ years
30
How confident do you feel about this content?
I feel great! Bring on the test.
50/50
I have no idea.
Um...I know some but don't know a lot.
31
How are GDP and economic growth related?
Economic growth is real GDP
Economic growth is an a steady increase in real GDP
they both measure the economy
I don't know
32
Which of the following is an example of a good?
haircut
mowing the lawn
iPhone
getting your nails done
33
Which of the following represents the most expansionary fiscal policy?
C
B
D
A
34
Which of the following is not a job where seasonal unemployment exists?
Landscaper
Lifeguard
Lawyer
Ski-Instructor
35
Inflation is measured by this - keeping track of changes in a fixed basket of goods + services
Consumer Price Index
Real Income
Nominal Income
Gross Domestic Product
36
Discretionary fiscal policy will stabilize the economy most when:
C
A
B
D
37
This type of inflation is supply related; an increase in production costs drives up prices
Real Inflation
Cost-Push Inflation
Demand-Pull Inflation
Nominal Inflation
38
An appropriate fiscal policy for severe demand-pull inflation is:
B
A
D
C
39
Assume the economy is in recession, which policy would beconsistent with active fiscal policy
B
A
D
C
40
What is the price of Bread in year 7 on page 16?
$4.50
$2.34
$5.29
$3.48
41
Which of the following represents the most contractionary fiscal policy?
A
B
C
D
42
Which source expansionary if the gvt raises spending during recession to assist the economy
C
B
D
A
43
This type of inflation occurs when total demand for goods rises faster than total output.
Cost-Push Inflation
Normative Inflation
Demand-Pull Inflation
Real Inflation
44
Someone with this type of raise stands to be a winner during inflation.
SODA: Services of Daily wage Adjustment
COLA: Cost of Living Adjustment
Nominal Income
Real Income
45
In aggregate demand-aggregate supply diagram equal decreases in government spending/taxes will
A
C
B
D
46
Real GDP is.... (2 answers total)
is more accurate than nominal GDP
is the only real calculation
adjusted for inflation
measured in the prices of the year you are studying
47
This part of the GDP equation includes purchases of capital goods to be used in production
Consumer
Government
Net Exports
Investment
48
During the "Expansion" phase in the business cycle, what happens to the rate of unemployment?
Drops
Remains constant
Rises
Unknown
49
Which point of the business cycle has the highest unemployment rate and lowest GDP growth?
Slump
Expansion
Recession
Trough
50
What is the definition of Inflation?
The general decrease of prices over time
The general increase of prices over time
When a specific good or service increases in price
Making the increase of prices legal
51
This part of GDP calc. = difference b/w foreign buyers of US goods & US buying foreign goods
Net Exports
Consumer
Investment
Government
52
A expansionary fiscal policy is shown as a:
C
A
D
B
53
This erodes the value of the dollar and the standard of living.
Inflation
Interest rates
Bubble
GDP
54
What are the 4 stages of the business cycle ?
Peak, valley, growth, shrinkage
Top, bottom, up, down
Expansion, peak, contraction, trough
contraction, peak, growth, valley
55
Katie is saving $ in an account w/ an interest rate of 1% - stands to be a ___ during inflation
Borrower
Loser
Lender
Winner
56
Chris stands to be a ____ during inflation because his income can't adjust for rising costs
loser
winner
lender
borrower
57
Measures GDP in current dollars
Nominal GDP
Normative GDP
Real GDP
Positive GDP
58
This part of the GDP calculation includes spending by all levels of gov't on goods and services
Government
Investment
Net Exports
Consumer
59
How many stages are there in the business cycle?
3
4
6
60
Which of the term below is not part of the business cycle:
Recession
Sorrow
Recovery
Peak
61
C+I+G+NX is the equation for calculating what?
Inflation
GDP
Consumer Price Index
Nominal Inflation
62
What are the 3 topics we covered in this unit?
GDP, Business Cycles, Economic Growth
GDP, economic measurement, and business fluctuations
Economic fluctuations, business growth, and GDP
Economic Cycles, Business Growth & GDP
63
Malik has a 3.75% fixed mortgage rate and inflation is at 4.75% so he stands to be a _____.
Loser
Consumer
Lender
Winner
64
Which of these aren't included in the types of unemployment?
Seasonal Unemployment
Cyclical Unemployment
Structural Unemployment
Sudden Unemployment
65
Timm lost his job due to change in consumer demand, what is this an example of?
Structural Unemployment
Frictional Unemployment
Seasonal Uneployment
Cyclical Uneployment
66
This can be defined as a general rise in the level of prices.
GDP
Macroeconomics
Inflation
Consumer Price Index
67
Discretionary fiscal policy is so named because it:
A
D
B
C
68
What does this graph show?
Disimbogulation
Deflation
Disinflation
Inflation
69
The formula for GDP is:
C+I= (X+M)
B+H+E+NX=GDP
(X-M)=C+B+H
C+I+G+(X-M)=GDP
70
Which of the following does NOT contribute to economic growth:
Physical capital
Higher prices
Technology & Productivity
Human capital
71
What does GDP stand for?
Generational Domestic Product
Guaranteed Damages Policy
Gross Domestic Product
Generational Dichotomy Polling
72
If an economist wanted to study nominal GDP for the year 2015, they would use prices from:
2014
2015
the base year prices
2008
73
The greatest expansionary impact of a budget deficit will occur when the:
C
A
B
D
74
Aggregate demand is excessive causing demand-pull inflation what does the gvt fiscal policy do
C
A
D
B
75
At what point in the business cycle is real GDP the highest?
Expansion
Trough
Contraction
Peak
76
How is percentage change calculated?
( Original x Difference ) / 100
( Difference / 100 ) x Original
(Difference / Original) x 100
Difference x 100
77
what is the definition of Disinflation
A fall in the rate of inflation
A decrease in the costs of goods and services
An increase in the rate of inflation
An increase in the costs of goods and services
78
Fiscal policy refers to the:
A
D
B
C
79
This is like inflation for 1 thing; when costs spike in a specific market or for specific item
Bubble
Nominal Inflation
Cost-Push Inflation
Demand-Pull Inflation
80
Which of the following represents spending by businesses in GDP?
Investment spending
Physical capital spending
Business spending
Capital spending
81
This measures GDP in constant dollars; adjusts for inflation.
Nominal GDP
Positive GDP
Real GDP
Normative GDP
82
Fiscal policy is carried out primarily by:
C
B
D
A
83
Which order of the Business Cycle is correct?
Boom > Expansion > Depression > Recession
Expansion > Depression > Recession > Boom
Trough > Expansion > Peak > Recession
Expansion > Peak > Recession > Trough
84
Expansionary fiscal policy is so named because it:
D
C
A
B
85
Seasonal Unemployment refers to:
Loss of jobs due to extremely hot weather
Loss of jobs due to production inefficiency
Loss of jobs due to changes in climate/seasonal conditions.
Loss of jobs due to the haze