Topic 2.1
Topic 2.2
Topic 2.3
Topic 2.4
Topic 2.5/MISC
Topic 2.6
Topic 2.7
Blast From the Past
100
This is what is in the missing block of the circular flow diagram.
What is Households?
100
This is the definition of GDP.
What is the total value of all final goods and services produced within a country's boarders within a given time period.
100
Mr. McCartney has decided to stop working to make it big as a minecraft youtuber, this does not work but he still stops searching for work even after it has failed.
This is whether or not he counts in unemployment and why or why not.
What is NO he is a discouraged worker
100
These are the three forms of bias that can cause problems with CPI.
What are Substitution Bias, New goods bias, Quality bias
100
Inflation generally does this to the purchasing power of an individual.
Decreases the purchasing power
100
This is the main difference between real and nominal GDP
What is Nominal GDP does not count for inflation while real GDP does?
100
This is the characteristics of the trough point of the business cycle.
What is high unemployment with low inflation?
100
The fundamental problem in economics is referred to as this.
What is Scarcity
200
In the factor market this group is the supplier
What are households?
200
This is a list of two things that would not be counted in GDP.
What is Transfer payments, stock or bond trades, goods not made in the U.S.
200
This is the difference between the NRU and the actual unemployment rate.
What is the inclusion of Cyclical Unemployment?
200
What is the CPI for 2024 on the chart below
What is 160.45?
(48,860/30,450)X 100=160.459
200
These are two groups of people who are hurt by unanticipated inflation.
Who are Lenders, and individuals living on a fixed salary
200
If the Nominal GDP increases by 15% and inflation increases by 2% this is how much Real GDP increased by.
What is 13%
200
This is what is indicated will happen to the economy if the quantity of building permits requested increases
What is it indicates expansion in economic activity
200
Draw a correctly labelled PPC for labubu's and Dubai Chocolate
Whatever your teacher draws on the board :)
300
This phrase describes the effect on the circular flow model when the public sector raises taxes.
Leakage.
300
State two issues with GDP as an economic measure.
What is it cannot measure underground activity, it does not measure goods bartered, it does not measure non market activity, it fails to consider standard of living.
300
These are the three types of unemployment and a definition of each
What is structural where an individuals skills do not match the economy
What is frictional where an individual is between jobs or just graduated
What is cyclical which is created by a downturn in the economy/recession
300
This is Ms. Allen's real wage if Ms. Allen's nominal wage is $45 per hour, and the current year CPI is 137
What is $32.84 per hour
300
If I loan Ms. Allen $200 dollars and after a year passes inflation increases by 20% this is who was helped by that interaction
Ms. Allen
300
If the nominal GDP is 130 billion dollars and the GDP deflator is 129 this is the real GDP of the country.
What is the real GDP of approximately 100 billion dollars
300
If businesses begin increasing their inventories this will soon happen to our economy.
What is Recession
300
This is the form of disequilibrium if the price for our product is ABOVE equilibrium.
What is a Surplus
400
In the product market this is sent by households and what is sent by firms.
Lightning round! 45 seconds!
Households send consumer spending (or some variant of this) and firms send finished goods (or some variant of this)
400
This is the GDP in this country and the work necessary to calculate it.
what is $93,000?
400
This happens to the labor force participation rate and the unemployment rate when an individual who was formerly unemployed gives up on finding a job.
What is a decline in the NRU and in unemployment
400
This is the CPI for the year 2015 using the year 2000 as a base year and what we can conclude about purchasing power based on this
What is (4132/5360)x100=77.08 and purchasing power increased as prices fell
400
If Mr. McCartney gets a pay raise of 30% and inflation rises by 6% this is the change in McCartney's real wage.
What is his real wage increased by 24%
400
This is the GDP Deflator for year two.
What is a GDP Deflator of 102.71
Nominal: 1892
Real:1842
400
This is the type of output gap that is occurring at the designated location, and what is happening to cyclical unemployment during it.
What is Inflationary/positive output gap and cyclical unemployment does not exist?
400
This is a correctly labelled supply and demand curve for cellphones showing what would take place if governments provided all cellphone producers a subsidy while at the same time consumer incomes declined.
What is what your teacher drew on the board
500
This phrase describes the effect on the circular flow model when the financial sector begins giving out loans more often.
Injection
500
This is the GDP with shown work for this country.
What is $221,000?
500
The total population of Fishlandia is 13,000,000 the total number unemployed is 4,000,000 the number of employed people is 3,500,000 the number of discouraged workers is 1,000,000.
DOUBLE JEOPARDY
This is the labor force participation rate, the unemployment rate, and if the NRU is 4.5% draw a PPC with a dot at A representing the position of this economy.
What is a labor force participation rate of 57.6%
What is a unemployment rate of 53.33%
What is a PPC with the dot on the inside
500
This is the CPI and ROI for 2030 using the year 2008 as a base.
What is:
CPI=698.77
ROI=598.77%
134,080/19,188=6.98 X 100= 698.77
((698-100)/100)X 100= 598.77
500
Using the chart below this is the CPI for 2007 and 2020 using 2007 as a base year AND this is the inflation rate in the year 2020.
What is the following:
CPI 2007=100
CPI 2020= (3520/2323)X100=151.52
Inflation rate 52.52%
500
This is the real and nominal GDP for year two using year one as a base and the GDP Deflator for year 2.
What is the following:
Nominal:5925
Real: 4490
Deflator: 131.95
500
During a recessionary output gap this is what the graph looks like (with a line of best fit) and what will happen to employment
What is whatever your teacher drew :) and actual unemployment will be above the NRU?
500
DAILY DOUBLE
This is appropriate terms of trade for soybeans if trade takes place between these two nations.
What is between 3 and 5 tons of coffee?