stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Economics- Unit IV- GDP, Business Cycle, Inflation, Unemployment, Aggregate Supply and Aggregate Demand Flashcards | StudBud
Explore
/
Economics- Unit IV- GDP, Business Cycle, Inflation, Unemployment, Aggregate Supply and Aggregate Demand
Economics- Unit IV- GDP, Business Cycle, Inflation, Unemployment, Aggregate Supply and Aggregate Demand
45 terms
·
StudBud Administration
·
449 plays
Imported from external platform
Flashcards
45 cards
F
Practice quiz
P
Host live
L
Questions
45
Answers
1
On average the government will increase taxation and decrease spending during the:
expansion phase of the business cycle
during the contraction phase of the business cycle
2
Welfare payments and Social Security are examples of automatic stabilizers
True
False
3
The general decline in price levels
inflation
deflation
4
Which of the following is the GDP output expenditure model to calculate GDP?
C+I/population
C-I+G-X
C+I+G+F(X-M)
5
Recession leads to lower auto sales would lead to which of the following types of unemployment?
Cyclical
Frictional
Structural
Seasonal
6
Construction Workers in Wisconsin who are unemployed during the winter
Cyclical Unemployment
Seasonal Unemployment
Structural Unemployment
Frictional Unemployment
7
Aggregate Supply Curve shifts to the Left
Both price level and GDP decreases
Both price level and GDP increases
Price level decreases, GDP increases
Price level increases, GDP decreases
8
Aggregate Demand Curve shifts to the right
Both price levels and GDP increases
Both price levels and GDP decreases
Price Level increases, GDP decreases
Price Level decreases, GDP increases
9
The lowest possible level of unemployment defines which of the following terms
Frictional Unemployment
Full Employment
Structural Unemployment
Cyclical Unemployment
10
Increase in labor productivity, new technology, and lower input prices causes:
Aggregate Supply Curve to shift to the right
Aggregate Supply Curve to shift to the left
Aggregate Demand Curve to shift to the left
Aggregate Demand curve to shift to the right
11
Transfer payments such as social security are included in GDP.
False
True
12
GDP that has NOT been adjusted for inflation and is also called current GDP
Inflation GDP
Demand Pull Inflation
Nominal GDP
Real GDP
13
The general rise in price levels for goods and services
inflation
deflation
14
The C in the GDP Output-Expenditure Model stands for?
Personal Consumption/Consumer Spending
Government sector
Foreign Sector
Business Invesement
15
How do Economists measure price changes?
CPI- Consumer Price Index
Real GDP
Per Capita GDP
Demand Pull Inflation Calculator
16
The most important and broadest measure of an economy
CPI
Real GDP
Unemployment
Inflation
17
Type of inflation- Rise in prices caused by an increase in input costs (oil prices rising)
Cost Push
Demand Pull
18
People who are actively looking for a job and can't find work are part of the unemployment rate
True
False
19
Increase in Spending by Businesses, Consumers, and the Government causes which of the following
Aggregate Supply Curve to shift right
Aggregate Demand curve to shift left
Aggregate Supply Curve to shift left
Aggregate Demand Curve to shift right
20
Unemployment increases during which phase of the business cycle?
Expansion
Contraction
21
Which of the following are counted towards GDP?
stocks and bonds
used items/re-sale items
new and final products
intermediate items
22
The number one cause of long term inflation
Cost Push Inflation
Consumers spending increases
The government printing off too much money
Demand Pull Inflation
23
A combination of high inflation and little to no economic growth
Recession
Depression
Contraction
stagflation
24
Workers are replaced by new technology, a new industry emerging, or a robot
seasonal unemployment
Cyclical Unemployment
Structural Unemployment
Frictional Unemployment
25
On average Inflation increases during which phase of the business cycle?
Contraction
Expansion
26
What type of inflation is caused by consumers, businesses, and the government spending more
Cost Push
Demand Pull
27
Type of inflation: Increase in wages, Increase in the price of oil
Cost Push Inflation
Demand Pull Inflation
28
Unemployment caused by the demand for labor no longer being needed; ex. Robot taking over job.
Cyclical Unemployment
Frictional Unemployment
Structural Unemployment
Season Unemployment
29
Phase of the business cycle that occurs right before a contraction?
Recovery
Trough
Peak
Expansion
30
Workers are laid off during a downturn in the economy is an example of:
Structural Unemployment
Cyclical Unemployment
Seasonal Unemployment
Frictional Unemployment
31
Aggregate Demand Curve Shifts to the Left
Both Price Levels and GDP increases
Price Level decreases, GDP increases
Price Level increases, GDP decreases
Both price levels and GDP decreases
32
Aggregate Supply Curve Shifts to the right
Both price level and GDP decreases
Both Price Level and GDP increases
Price Level increases, GDP decreases
Price Level decreases, GDP increases
33
This is a person who has given up looking for a job and tends to be the least skilled worker
Cyclically unemployed worker
Seasonally unemployed worker
Frictional Unemployed worker
Discouraged worker
34
Which of the following groups are hurt by inflation?
Banks who loan out money at a fixed rate of interest
All the above are groups hurt by inflation
None of the above are groups hurt by inflation
People on fixed incomes
35
This type of inflation is caused by the demand for goods and services increasing
Demand Pull
Cost Push
36
The Government conducts fiscal policy through:
Neither taxes or spending
spending
both taxes and spending
taxes
37
Negative GDP growth for two consecutive quarters (six months)
Recession
Expansion
Peak
Stagflation
38
A college graduate looking for their first job or someone who is fired from their job
Structural Unemployment
Frictional Unemployment
Cyclical Unemployment
Seasonal Unemployment
39
Government spends more money than they collect in taxes, during a given YEAR
deficit
debt
40
Which of the following people are not considered part of the civilian labor force?
People who are institutionalized
Students
Retired People
All the above are NOT considered part of the labor force
41
GDP divided by population calculates
cost push inflation
demand pull inflation
the unemployment rate
per capita GDP
42
Decrease government spending, increase in income taxes , and decrease in business invesment
Aggregate Demand Curve to shift right
Aggregate Demand Curve to shift left
Aggregate Supply Curve to shift left
Aggregate Supply Curve to Shift Right
43
Sales decline during which phase of the business cycle?
contraction
expansion
44
Which of the following does NOT count towards GDP?
stocks and bonds
used items
intermediate productions
All of the following are NOT include in GDP
45
GDP that has been adjusted for inflation
Nominal GDP
Real GDP
Current GDP
Inflated GDP
