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Semester Review part 5 Flashcards | StudBud
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Semester Review part 5
Semester Review part 5
20 terms
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A review of learning in my economics class
Flashcards
20 cards
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Practice quiz
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Host live
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Questions
20
Answers
1
You have enough savings and can begin investing when you have
met your savings goal, whatever that is
a year of wages saved
3-6 months living expenses in short term savings
$5000 in short term savings
2
You quit your job but have trouble finding another that pays the same this is
structural unemployment
frictional unemployment
cyclical unemployment
the natural rate of uenmployment
3
An individual receives an unemployment check from the gov't.; for GDP this would
count only in the income approach
count toward wages
not be counted
count toward consumption
4
To be your own banker means
keep your money at home, never put it in a bank
lend people money only if you do so with interest
get a degree in finance so you know how to invest
buy big ticket items with short term saving, and pay it back
5
President Obama passed a stimulus package to fight the Great Recession, fighting this
cyclical unemployment
frictional unemployment
structural unemployment
the natural rate of unemployment
6
During a period of economic decline, the economy also experiences
problems with deflation
rising inflation
rising unemployment
generally increasing stock prices
7
The sale and purchase of existing stock, is not counted in GDP because
it would involve double counting
those represent non-production transactions
those represent non-market transactions
these are classified as public transfer payments
8
A woman moves to a new city and starts looking for a nursing job, this is
structural unemployment
the natural rate of unemployment
frictional unemployment
cyclical unemployment
9
The US imports $50 billion and exports $30 billion in goods; for GDP this would
cause us to add to our GDP valuation
count in both the expenditure and income approach
count only in the income approach
cause us to subtract from our GDP valuation
10
During a period of economic growth, the economy also experiences
rising inflation
rising unemployment
generally declining stock prices
problems with deflation
11
The most damaging form of inflation is
hyperinflation
demand pull
cost push
stagflation
12
Inflation caused by a decrease in aggregate supply is called
cost side inflation
demand side inflation
demand pull inflation
cost push inflation
13
A young lady gets her hair done at a salon before prom; for GDP this would
count towards consumption
count only in the income approach
not be counted
count toward wages
14
Long term savings should ONLY be used for
down payment on a home
emergencies
retirement
big ticket items
15
If AI and robots replaced pharmacists this would create
structural unemployment
the natural rate of unemployment
frictional unemployment
cyclical unemployment
16
Frictional is 3%, structural is 1%, cyclical is 4%, what is full employment?
4%
5%
8%
3%
17
Short term savings should be used for
all of the above
downpayments
the purchase of big ticket items
emergencies
18
Inflation caused by demand rising faster than supply is called
demand pull inflation
cost push inflation
cost pull inflation
demand push inflation
19
In the expenditure approach, money spent on capital goods and inventories is
government spending
net exports
consumption
investment
20
If frictional is 3%, structural is 1%, cyclical is 4%, what are the natural and total rates
4% and 4%
4% and 8%
7% and 8%
3% and 8%
