Expendables
Gross
The unemployed
Inflatables
Wild Card
100
This is the best measure of a nation’s standard of living.
What is GDP per Capita?
100
Economists collect statistics on production, income, investment, and savings.
What is national income accounting?
100
The equation for finding the unemployment rate.
What is #unemployed/# in labor force x 100
100
The reasons inflation can be bad.
What is rampant inflation is bad because banks don’t lend and people don’t save. This decreases investment and GDP.
100
This field of study was created to 1.Measure the health of the whole economy. 2.Guide government policies to fix problems.
What is Macroeconomics?
200
The equation for the expenditure approach to GDP.
What is C+I+G+X-M?
200
the dollar value of all final goods and services produced within a country’s borders in one year.
What is GDP?
200
The four requirements for being considered a part of the labor force.
What is you must be Above 16 years old Able and willing to work Not institutionalized (in jails or hospitals) Not in military, in school full time, or retired
200
Helped or hurt by inflation? A man who lent out $500 to his friend in 1960 and gets paid back $500 in 2015.
What is hurt?
200
The three goals of all economies
What is Promote Economic Growth Limit Unemployment Keep Prices Stable (Limit Inflation)
300
What GDP category does the following fall into: $120 Social Security payment to Bob
What is not included, transfer payment?
300
The equation for finding change in GDP
What is Year 2-Year 1/Year 1 x 100
300
The three types of unemployment. Two of these added together make the natural rate of unemployment.
What is frictional, cyclical, and structural. Frictional and structural.
300
Helped or hurt by inflation? An elderly couple living off fixed retirement payments of $2000 a month
What is hurt?
300
During the business cycle, the space between full employment and a peak.
What is an inflationary gap?
400
What GDP category does the following fall into: Lego makes new $2M factory
What is "Capital I" investment?
400
These are not included in GDP.
What is Intermediate Goods Non-production transactions - financial and used goods Non-market and illegal activities
400
A stockbroker who lost her job due to a downturn in the economy and is searching for work. A VCR repairman who lost his job during the recession and is looking for work. Which one is structurally unemployed?
What is the VCR repairman?
400
Helped or hurt by inflation: Someone who borrows $1000 at 5% interest.
What is helped?
400
The GDP deflator equation.
What is nominal GDP/Real GDP x 100
500
The four categories of the income approach and the categories to which they correspond.
What is Rent=Land Wages=Labor Interest=Capital Profit=Entrepreneurship
500
The five reasons that some economies are more productive than others.
What is 1. Economic System Example#1: Capitalist countries have historically had more economic growth. Capital (like robots) can produce more than people Countries with more capital, can produce more products than countries without a lot of capital. 2. Property Rights 3. Capital Ex: Capital stock is machinery, tools, and man-made resources. Example#1: India has over a billion people (human resources) but relatively few capital resources and therefore a lower GDP than the U.S. Example#2: Japan has few natural resources but a high GDP 4. Human Capital (Knowledge) 5. Natural Resources
500
The three items not accounted for in the unemployment rate.
What is Discouraged Workers-Some people are no longer looking for a job because they have given up. Underemployed Workers- Someone who wants more hours but can’t get them is still considered employed. Race/Age Inequalities-The overall unemployment rate doesn’t show disparity for minorities and teenagers
500
The equation for finding CPI
What is price of market basket/price of base year market basket x 100
500
In an economy, Real GDP (base year = 1996) is $125 billion and the Nominal GDP is $150 billion. Calculate the GDP deflator.
What is 120 billion?
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