An accurate statement about the Great Depression would be that...

it was the most severe downturn in the history of capitalism

What is a major problem for business during a period of chronic inflation?

They cannot anticipate their costs.

The calculation of the GDP would include...

the income of a high school English teacher

Products that would be used in calculating GDP include...

cars made in Tennessee at a factory owned by a Japan company

What does it mean when a person is underemployed?

The person has a job but they are overqualified for it.

What is the difference between seasonal unemployment & structural unemployment?

Seasonal occurs from schedules, structural = lack of skills

The "market basket", used by the Bureau of Labor Statistics to calculate prices is made up of..

typical goods and services for an urban household

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Economics - Ch. 12&13

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Questions 20

Answers

1
percentage of the nation's labor force that is not employed...
price index
unemployment rate
census
hyperinflation
2
An accurate statement about the Great Depression would be that...
it was a recession that became a depression because of WWII
its affects would have been worse but for Europe's economy
it was the most severe downturn in the history of capitalism
it was set off because of a sharp rise in interest rates
3
What is a major problem for business during a period of chronic inflation?
They cannot anticipate their costs.
Their money loses its value
They have difficulty hiring help.
They do not know when the inflation will stop.
4
The calculation of the GDP would include...
the income of a high school English teacher
the sale of a 25-year old house
the price of the steel used to build a new hotel
the income of a person who pays rent by babysitting
5
Products that would be used in calculating GDP include...
plastic made in Maine & sold to toy comp. around the world
cars made in Tennessee at a factory owned by a Japan company
cotton cloth made in India & sold in the US
toys made in China owned by a US company
6
A prolonged economic contraction...
recession
trough
depreciation
stagflation
7
A person who wants a job but has given up looking...
full employment
discouraged worker
price index
enterprise zone
8
An example of a durable good would be...
a pack of baseball cards
a paperback book
a used car
a box of cereal
9
What does it mean when a person is underemployed?
The person is looking for work in a special field.
The person has been working but now is laid off.
The person is not making as much money as they need.
The person has a job but they are overqualified for it.
10
What is the difference between seasonal unemployment & structural unemployment?
Seasonal occurs from schedules, structural = lack of skills
Seasonal occurs only in the summer, sructural = all year
Seasonal is low paid workers, structural is high paid
Seasonal is rare in a modern society, structural is not
11
The loss of the value of capital equipment that results from normal wear and tear...
recession
trough
depreciation
stagflation
12
The lowest point in an economic contraction is called...
a peak
a trough
a drepression
a recession
13
income that does not increase even when prices go up...
price index
discouraged worker
census
fixed income
14
When the economy is working properly, what is the unemployment rate?
10 to 12 percent
8 to 10 percent
0 to 3 percent
4 to 6 percent
15
an official count of the population...
food stamps
census
unemployment rate
inflation
16
The total amount of goods & services in the economy available at all possible price levels...
gross domestic product
aggregate supply
aggregate demand
gross national product
17
An example of a non-durable good is...
a washing machine
a used car
a new car
a paperback book
18
A system that collects macroeconomic statistics on production, income, investments, & savings..
national income accounting
technological progress
stagflation
recession
19
a general increase in prices...
fixed income
price index
hyperinflation
inflation
20
The "market basket", used by the Bureau of Labor Statistics to calculate prices is made up of..
typical goods and services for an urban household
nonfood items only
food & necessary services for any family
food items only

Economics - Ch. 12&13 Flashcards | StudBud