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Unit 4 Review
Unit 4 Review
49 terms
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StudBud Administration
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Ch. 9-13 Labor/Unemployment Inflation GDP Business Cycles
Flashcards
49 cards
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Practice quiz
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Questions
49
Answers
1
Which below would be a reason that someone would not qualify for unemployment?
not looking for jobs or attending job interviews
Actively applying for jobs
Laid off from their job
working 0 hours per week
2
Demand for goods & supplies exceeds exisiting supplies:
cost-push theory
demand-pull theory
quantity theory
economic collapse theory
3
Real GDP per Capita is different than Real GDP because:
takes into account population & standard of living
it tells a country's wealth
is used to predict a country's economic growth
measures how happy people are
4
Wages + Rent + Interest + Profit =
Income Approach
Screening effect
interest rate on a house payment
Rent analysis
5
in the business cycle, what has to happen after a "trough"
expansion
valley
recession
peak
6
C + I + G + Xn = GDP; in the equation, what does the G stand for?
Great
Gross
Growth
Government
7
How the nation's total income is distributed among it's population
fair income
GDP
income laws
income distribution
8
How many hours a week do you have to work to be considered employed?
3
40
1
50
9
When GDP stops rising; the height of expansion:
Valley
Peak
Contraction
Trough
10
What is the key word for
frictional
unemployment?
skills
season
change in demand
choice
11
A lifeguard at a local pool only works in the summers.
Frictional
Cyclical
Seasonal
Structural
12
representative collection of goods & services
economic basket
market basket
bread basket
fruit basket
13
The founder of labor unions:
President FDR
Henry Ford
Andrew Carnegie
Samuel Gompers
14
income level below the sufficient income needed to support a family
government programs
poor families
poor working conditions
poverty threshold
15
During which historical movement were many pro-union measures passed?
Women's Suffrage
WWII
The Great Depression
Great Panic of 1893
16
Expansion is measured by a fall in GDP
False
True
17
Since graduating from college, a man waits to interview at several jobs before making a decision.
structural
cyclical
seasonal
frictional
18
Which kind of inflation: After WWII, high demand led to 50% increase in prices
quantity theory
unanticipated inflation
demand pull
cost push
19
Trough
The growth period in the business cycle
what pigs eat out of
The worst period in the business cycle; bottom
Low, moderate, severe, and hyperinflation
20
Misery Index = inflation + unemployment rate
False
True
21
loss of the value of capital equipment from wear & tear
old
ruined
depreciation
deteoration
22
We measure employment by using the US Farmers Almanac
True
False
23
What does CPI stand for?
Consumer Price Index
Consumers Pay Inflation
Customer Pay Increase
Company Policy Index
24
This person has stopped searching for employment & is dependent on the help of others.
lazy
moocher
discouraged worker
college student
25
Quanitity Theory; Demand-Pull Theory, Cost-Push Theory
causes of unemployment
causes of misery index
causes of economic depression
causes of inflation
26
the wage rate that produces neither excess supply or demand of workers in the labor market.
consistent wage
satisfied workers wage
perfect wage
equilibrium wage
27
determined by measuring the price of a standard group of goods (market basket) of typical urban consumer
CPI
GNP
CNP
GDP
28
You buy a home with a fixed rate mortgage, followed by a quick rise in inflation. Are you hurt by this inflation?
False
True
29
How do you calculate the labor force participation rate?
unemployed\div laborforce\times100
employed+unemployed
\left(\left(laborforce\div population\right)(x100\right)
unemployed\div employed
30
GDP stands for Gross Domestic Product
True
False
31
Land, Labor, Capital, Entrepreneurship
resources
skills you need to have if you want to be successful
economy
factors of production
32
What is our US minimum wage?
$6
$7.25
$8.00
$10.50
33
in the business cycle-decrease in GDP, very low unemployment
expansion
trough
contraction
peak
34
Xn (net exports) =
exports + imports
exports / imports
exports - imports
exports * imports
35
Johnny lost his job due to the recession
structural
frictional
cyclical
seasonal
36
In the business cycle, what happens once the GDP reaches it's peak?
expansion
the economy enters into a depression
trough
contraction
37
The Quanity Theory states:
producers raise prices in orde to meet increased costs
too much money in the economy that causes inflation
demands for goods & services exceeds exisiting supplies
the need for flexible income
38
We measure each business cycle from peak to peak:
False
True
39
Theory that the completion of college indicates that a job applicant is intelligent & hard working:
contingent effect
screening effect
first impression effect
judgmental effect
40
lack of education; location; racial & gender discrimination, economic shifts, & shifts in family structure
causes of poverty
causes of high divorce rates in US
why workers form unions
41
Calculate the labor force: Employed: 650, Unemployed: 450, 16 year olds, 140
140
1140
1000
1100
42
Key Word for Structural Employment
recession
skills
season
economy
43
How to calculate the Percentage Change between 2 year's CPIs
\left(newyear-oldyear\right)\div\left(oldyear\right)\left(x100\right)
marketbasket-oldyear
44
A union group's most powerful weapon is to go on strike
True
False
45
Purchasing power is the ability to purchase goods & services
True
False
46
When did workers unions start to gain power?
1970's
1920's
1930's
1850's
47
Unemployment statistics are usually very accurate.
True
False
48
General raise in prices
price raising
exaggeration
inflation
price gouging
49
Inflation is way worse than high unemployment
True
False
