Economics - Ch. 7, 12-13

This is a general rise in the price of goods.

How can OPEC affect the economy?

What expenditure is NOT used to calculate GDP?

What problem did Thomas Malthus hypothesize would happen with the world's population?

What unemployment is illustrated when workers move from one job to another?

Critics of minimum wage increases argue they produce this type of inflation.

What does the unemployment rate include?

This is the market value of all final goods and services within a nation in a period of time

True/False: You are lucky that you live in a 1st World nation.

The poverty rate was the greatest in

The general increase in inflation and increase in unemployment is what?

What does NOT characterize perfect competition?

In a market economy, what balances a company in its goal of making as much profit as possible?

What stage of the Business Cycle did the U.S. experience during the Great Depression?

What percentage rate is considered "full employment"?

What is NOT one of the 4 Stages of the business cycle?

Why would perfect competition be best for consumers?

Why would a supplier want to be a monopoly?

Did FDR's New Deal focus on increasing aggregate demand or aggregate supply?

Why are oligopolies difficult to compete against?

True/False: GM Cars made in Germany count towards U.S. GDP.

This is the calculation of the 400 typical goods and services a household buys in a single year

This is the inflation where consumers demand more a service than producers can supply.

Why is poverty not $0?