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