Economists calculate the GDP by adding?

consumer, business, govt, import/export goods and services

Which of the following is NOT an example of cost push inflation?

Low interest rates stimulate consumer demand

Structural unemployment?

worker skills don't match available jobs

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Econ Check for Understanding 7

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GDP and More

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Questions 19

Answers

1
Which of the following is NOT an example of demand pull inflation?
shortage of used cars
increase in consumer demand
energy costs rise
aggregate demand outweighs aggregate supply
2
In which phase of the business cycle would there be HIGH unemployment?
contraction
expansion
peak
trough
3
What are PPI and CPI?
Purchasing Power
economic terms I don't know
Consumer Power
ways to measure inflation
4
GDP does not include?
black market activities
consumer goods and services
business goods and services
government goods and services
5
High unemployment during a bad economy that ends when the economy improves?
cyclical
structural
seasonal
frictional
6
What happens to your purchasing power as inflation rises?
decreases
increases
there is no change
it is unkown
7
Where is an expansion?
1
2
3
4
8
Economists calculate the GDP by adding?
consumer, business, govt, import/export goods and services
consumer, business, govt goods and services
business goods and services
consumer goods and services
9
What is a "healthy" inflation rate?
3-5%
under 10%
inflation is bad
1-3%
10
Which of the following is NOT an example of cost push inflation?
Automakers raise prices 10%
OPEC sends oil prices higher
Mine workers win large wage increases
Low interest rates stimulate consumer demand
11
"Things" we do on our own are referred to as?
blackmarket activities
non market activities
negative externalities
quality of life
12
Aggregate means?
the range of
the average of
the least amount of
the total amount of
13
Structural unemployment?
worker skills don't match available jobs
when people choose to. move from one job to another
High unemployment when the economy is bad, but improves with the economy
when a business shuts down for a season
14
Where is the contraction?
2
3
1
4
15
What does GDP stand for?
Gross domain product
Gross domestic product
Got dem paper$
Gross domestic perception
16
A healthy inflation rate is between?
3-5%
1-2%
1-3%
anything under 10%
17
Where is the peak?
2
1
3
4
18
Mary lost her job because her employer was dissatisfied with her work. This is an example of what type of unemployment?
cyclical
structural
seasonal
frictional
19
How many phases are there in the business cycle?
1
3
2
4

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