GDP, Inflation, Unemployment unit review

GDP divided by population is the formula for ______

How do we measure price stability?

Bubba got laid off from his job @the manure factory due to i lack of demand for domestic manure

Which of the following is not a macroeconomic goal of all economic systems?

The value of capital used up in the production of goods and services during the year is called

You buy a brand new television (made in Korea). Which component of GDP will it appear?

Which spending category of GDP has the greatest impact on the economy?

CPI and the inflation rate are always what in the base year?

This index tracks the price changes in the producing sectors of the economy.

Which type of unemployment will always exist in our economy?

Sales of previously owned goods appear in which component of GDP?

Which of the following is not a subcategory of gross investment?

When you sell your land you receive ____ as payment.

This index is the primary method of measuring inflation of goods purchased by households.

An overall rise in the average price level is called

Inflation in excess of 200% per year is called _____.

A government payment for which the gov’t receives nothing in return is called a(n) ______.

How do we measure economic growth?

Who does inflation hurt?

Income that can spent or saved is called _____ income.

The unemployment rate is 10.5%, 5.5% of the unemployment is considered _____.

Spending by households is called

At the end of last summer, Bubba lost his job b/c he couldn’t get to work on time & was fired.

What is the natural rate of unemployment (in percent)?

Bubba took his 8th grade education and applied for a job on Wall Street. He didn’t get it.

Which major spending category of GDP could be negative?

3 years later Bubba gets his GED and begins looking for work. Bubba is ___ unemployed.

Inflation caused by an increase in the price of the factors of production is called _____?

A person with a Ph.D. working as a Wal-Mart greeter would most likely be considered ____.

How do we measure full employment?

The total value of final goods and services domestically produced within a given time period.

Nominal GDP measures price and output, while Real GDP measures

Bubba loses his summer job as a tour guide in October. Bubba is ____ unemployed.

Which of the following is not a subcategory of consumption?

An overall decrease in the average price level is called

Legal economic transactions that are not measured in GDP b/c they are unreported occur in the

Who does inflation help?

An item produced in the US and sold outside the US is a(n)

Spending by businesses is called

Inflation caused by “too many dollars chasing too few goods” is called ______?