CPI
Inflation
GDP
Unemployment
Central Alumni
100
CPI is an acronym for this
What is Consumer Price Index
100
Inflation is a term that describes the relative value of currency in a county. If inflation is high in 2015, the value of the currency is (greater/less) than it was in 2014
What is less/lower
100
GDP is an acronym for this
What is Gross Domestic Product
100
The three types of natural unemployment
What are structural, frictional, and seasonal
100
This graduate of Central founded the consumer electronics giant Best Buy
Who is Richard M. Shulze
200
CPI is calculated using a _____ of _____
What is a basket of goods
200
Inflation below 0% is known as this
What is deflation
200
The difference between nominal and real GDP
What is inflation
200
The one type of unemployment not considered to be natural
What is cyclical
200
This author/illustrator was famous for creating the "Peanuts" cartoon strip
Who is Charles Schulz
300
The three major biases that show CPI as being an imperfect measure of inflation
What are substitution bias, quality bias, and content bias
300
Inflation and unemployment have a(n) _____________ relationship
What is "inverse"
300
The formula for calculating GDP (you must describe all components)
What is Consumption + Investment + Gov't Spending + (Exports-Imports)
300
Sally use to work at Dairy Queen. She quit her job for family reasons but picked up a new job at American Eagle. Sally gets fired for stealing and has no plans on finding a new job. What kind of unemployment does Sally have?
What is none (she's not searching for work, thus she's not unemployed) (...still, Sally be triflin')
300
A standup comedian famous for his roles in Reno 911 and Grandma's Boy
Who is Nick Swardson
400
The formula for CPI
What is (Basket Price/Basket Price in base year) * 100
400
The desired range of inflation in the United States
What is between zero and three (0-3) percent
400
The formula for finding real GDP
What is (Nominal GDP/CPI) *100
400
If cyclical unemployment is greater than zero, the economy is experiencing a _____________ gap
What is recessionary
400
The best athlete Central has produced, he was drafted in three sports by four different professional teams
Who is Dave Winfield
500
In a given year, a CPI of 200 and a nominal GDP of USD $4 Trillion would equal a real GDP of this amount
What is USD $2 Trillion
500
In the economy is in an inflationary gap, where is the equilibrium level of real GDP in relation to real GDP at full employment
What is above
500
In a recessionary gap, the equilibrium level of real GDP is where in relation to LRAS
What is to the left
500
Cyclical employment happens when _______ falls (hint- it's one of the curves we talk about)
What is aggregate demand (AD)
500
Although she only briefly attended Central High School (1913-1914), she is arguably its most famous alumni. She is most known for being the first woman to fly across the Atlantic Ocean
Who is Amelia Earhart
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