Expendables
Gross
The unemployed
Inflatables
Wild Card
100

The difference between real and nominal GDP

What is inflation

100

The GDP of a Country that produces

200 Pies at 10 dollars each 

300 Bracelets at 5 dollars each

500 Sweaters at 20 dollars each 


What is 13,500?

100
The equation for finding the unemployment rate.
What is #unemployed/# in labor force x 100
100

This is a decrease in the prices of goods and services.

What is deflation?

100

This is a series of periods of expanding and contracting economic activity.

What is business cycles?

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 number of people in a region who are able and likely to work starting at 16 

What is the working age population?

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 illustration of how money, goods, and services continuously circulate between households and firms within an economy

What is the circular flow model?

300

What GDP category does the following fall into: $120 Social Security payment to Bob

What is not included?

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?

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 inflation-adjusted measure that reflects the value of all good and services produced by an economy in a given year.

What is Real GDP

500

The three items not accounted for in the unemployment rate.

What is Discouraged Workers, Part time employees, non market transactions

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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