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100

Product that is intangible, such as entertainment, healthcare, or education.

Services

100

Consumption is the purchase of goods and services by . . .

Consumers

100

The U.S. unemployment rate moves up and down as the economy moves in and out of recessions. But, over time, the unemployment rate seems to return to a range of 4 to 6 percent.


True or False

True

100

Real GDP in the U.S. in 2020 was:

A) $184 billion

B) $1.84 trillion

C) $18.4 trillion

D) $184 trillion

C

200

Frictional unemployment occurs when college students go back to school at the end of the summer.


True or False

False

200

Women composed 2 percent of the paid workforce in 1900 and 50 percent of the paid workforce in 2021.


True or False

False

200

The value of all final goods and services produced in a country.

GDP (Gross Domestic Product)

200

Factory workers in the U.S. laid off as the plants shut down and move to Mexico and Ireland.


What type of unemployment?

Structural

300

______________ is a small category that refers to the goods produced by one business that have yet to be sold to consumers, and are either still sitting in the warehouse and on store shelves.

Inventories

300

Landscapers laid off in response to a drop in new housing construction during a recession.


What type of unemployment?

Cyclical

300

If imports exceed exports, as in recent years, then a _________________ exists.

Trade Deficit

300

Short-lived goods like food and clothing.

Non-Durable Good

400

______________________ argues that the productivity of workers will increase if they are paid more, and so employers will often find it worthwhile to pay their employees somewhat more than market conditions might dictate.

Efficiency Wage Theory

400

During the Great Depression of the 1930s, the unemployment rate reached more than ______ percent of the labor force.

25%

400

A financial analyst who quits their job in Chicago and is pursuing similar work in Arizona.


What type of unemployment?

Frictional

400

Individuals who are employed in a job that is below their skills.

Underemployed

500

All the elements that affects people's happiness, whether people buy or sell these elements in the market or not.

Standard of Living

500

What are the five stages of a business cycle?

- Expansion

- Peak

- Recession

- Trough 

- Recovery


500

The labor force consists of:

All adults who are working or actively seeking work

500

_______________ are now the largest single component of the supply side of GDP, representing over half of GDP.

Services
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