GDP
What is GDP
All the final goods and services produced within a country in a given year.
what is the natural rate of unemployment
4-6%
what is inflation
increase in the currency supply relative to the number of people using it.
Fiscal policy uses what to fix an economy, two answers
Taxes and govt spending
Name either the last MLB champion, NBA or NFL
Dodgers, Bucs, or Bucks
What is real GDP
GDP adjusted for inflation
the type of employment caused by a recession
Cyclical
Name the most influential bank in the US
Federal reserve bank or FED
Monetary policy uses what to fix an economy
interest rates
Name one of the 3 most followed artists on Spotify?
Bieber, the weekend, Ed sheeran
Which 3 countries have the highest GDP
US, China, Japan
type of unemployment caused by lack of demand for labors work
structural
what is the discount rate
interest rate the fed charges smaller banks
What does classical theory say to do to fix an economy
nothing
Who as the most followers on Tik Tok
Charli D'Amelio
What is a recession
6 months GDP goes down in a row
type of unemployment caused by being between jobs or job to job.
frictional
what is the reserve requirement
amount of money banks must keep on hand
What event prompted Keynes theory to become the dominate economic theory in the US.
Great depression
Name one of two most followed people on Instagram
Ronaldo or Kylie Jenner
what are two out of the 3 functions of money
medium of exchange, unit of account, store of value
workers that give up looking for a job are called what
discouraged workers
Name a country besides Venezuela that has experienced high inflation recently
Greece or Zimbabwe
If an economy is facing high inflation what type of either Fiscal or Monetary policy should they enact
Contractionary policy
What is the most watched Netflix show of all time?
Squid Game