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Economic Indicators Flashcards | StudBud
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Economic Indicators
Economic Indicators
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StudBud Administration
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Economic review for GDP, Business Cycles, and Unemployment
Flashcards
15 cards
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Questions
15
Answers
1
John took a 2 week vacation before beginning his new job. Which type of unemployment?
Structural
Seasonal
Cyclical
Frictional
2
The term "aggregate" means _________ in relation to supply and demand.
Economy as a whole
Consumption
total amount of durable goods
Government Investments
3
If the aggregate demand curve shifts to the left _______
Real GDP is going up
Only Nominal GDP is affected
Real GDP is going down
No affect on Real GDP
4
An item that is extremely popular can cause what type of inflation
Demand-pull
Cyclical
Cost-push
Normal
5
All are items in a CPI market basket
EXCEPT
Eggs
Doctors
House
Military
6
Which is the
best
example of a durable good?
Gasoline
Refrigerator
Bagel
Eggs
7
Which is the
best
definition of GDP?
intermediate goods sold within a countries borders
final goods and services produced within a countries border
Goods produced outside of a countries borders.
Closely related to GNP
8
The Labor Force is made up of......
the employed
citizens between the ages of 16-65
employed and unemployed
all civilians
9
What type of unemployment: Nabisco lays off 2,000 workers
Seasonal
Structural
Frictional
Cyclical
10
What defines a recession?
an expansion phase that lasts 2 or more quarters
Depression
when a country goes through the 4 business cycle phases
a contraction phase that lasts 2 or more quarters
11
These economic indicators indicate that we are in a peak phase of the business cycle
unemployment and consumer confidence is low
interest are high and unemployment is high
interest rates are low and unemployment is low
interest rates and consumer confidence is high
12
The Formula to calculate
GDP
is made up of which components
Consumption, Investment, Government spending, Net Exports
Consumption, Net Exports
Consumption, Investment and Government Spending
Consumption, Government Spending and Net Exports
13
Which shows the relationship between unemployment and business cycles?
Unemployment Low - Expansion Phase
Unemployment High - Expansion Phase
14
Which is a better indicator of the standard of living within a country?
GDP per Capita
GNP
GDP
GNP per capita
15
What is the
main
difference between real and nominal GDP?
Nominal GDP factors out inflation
There is no difference
Nominal GDP uses a base year
Real GDP factors out inflation
