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