GDP and the Economy
What are the three measurement methods?
Where a person has an important decision to make.
What is the margin?
What will the unemployment rate be if there are 45 million people above 16 and 1.8 million people are unemployed, with 19.2 million people employed?
What is 9.4%?
What is a point considered to be if it is beyond the PPC?
What is impossible?
Where price levels increase without a rise in quality.
What is inflation?
How many Role players are found in an economy according to the circular flow?
What is Five?
This measurement only includes structural and frictional unemployment.
What is the natural rate of unemployment?
What is the inflation rate if a bicycle used to cost $120 dollars and now costs $136.80
When the only way to gain one of something is to give up some of something else?
What is Pareto efficiency?
What measure is being used when cyclical unemployment is not included in an unemployment calculation?
What is the natural rate of unemployment?
How long should an economy be experiencing negative GDP for it to be considered a recession?
What is 6 months or two quarters?
Where a nation is experiencing more GDP than a previous period.
What is GDP Growth?
What is GDP in 2024, if in the base year GDP was $23 trillion, and 2024's index number is 136?
What is 31.28 trillion?
Where a firm can increase production of both goods, the point they currently occupy is considered?
What is inefficient?
Where a nation is not using all of the available FOP, it has not achieved this level.
What is the full employment level?
When GDP is calculated in proportion to each individuals' share of GDP on average.
What is GDP per Capita?
Where consumers sped their income on certain goods, they are displaying this concept.
What is choice?
If maximum production of kites is 400 and maximum production of balls is 1200, how many balls are gained when 80 kites are given up and FOP is interchangeable?
What is 240 balls?
Where consumers and producers are satisfied with what is available for sale.
Where workers are out of work because they are located far away from where businesses are hiring.
What is structural unemployment?
When calculating GDP, what results from an inflow of $40bn in imports and an outflow of goods totaling $65bn in exports?
What is a &25bn trade profit or net export?
What is deflation?
What is the price of a Ladder in 2024 given the following information?
Price Index Year
? 100 2020
? 158 2024
$56 132 2022
What is $67?
The nation of Albertinia has decreased visa requirements, what will result in their PPC?
What is an outward shift?
Where the index number is below 100, five years after the base year, but in the year preceding the present year, the index number was even lower than the current year. What has occurred?
What is disinflation?