Unit 2 i2B HHS

Point F is what point in the business cycle?

If wages increase faster than gains in productivity, prices will rise. Why?

Point B is what point in the business cycle?

Mike is a 14-year-old student. She would not be considered part of the labor force in the United States.

In the early 1890s, the average employee in the United States worked about how many hours per week?

GDP measures a country’s economic output during

During periods of deflation, prices drop so demand increases greatly.

Which of the following probably would result in a DECREASE in worker productivity?

Point A is what point in the business cycle?

In the United States, all people over the age of 21 who do not have a full-time, paying job are considered “unemployed.”

Which of the following is an example of a capital project?

If GDP growth slows for at least ____ quarter(s) in a calendar year, the economy is probably in a recession.

What is NOT a characteristic of depression?

The interest rate banks charge their best business customers is the

The money people deposit in banks and other financial institutions

Rose gets a monthly social security check from the U.S. govt. This would not be counted as Rose's personal income.

GDP does not include

An ability to produce more goods and services makes it possible to reduce the number of hours in a workweek.

The peak of business cycle is called

All of the following people are part of the labor force EXCEPT

Business cycles are the recurring ups and downs of gross national product.

Retail Sales

A component of GDP is the value of a country’s exports plus the value of the imports into the country.

A recession often affects some groups of workers in related businesses. The drop in related businesses is called

If you purchase a corporate or government bond, you are a(n)

The money for capital projects comes from two main sources: stock investments and bonds.

Which of these items would be counted when measuring GDP?

Dividing GDP by the total population of a country results in that country’s

The major influence on the level of interest rates is

Inflation

The more goods and services produced, the healthier an economy is considered to be.

Point E is what point in the business cycle?

Economic growth refers to a steady increase in the production of goods and services in an economic system.