Germany's growth rate was 4% last year. How long will it take Germany to double its GDP?
What is 17.5 Years
100
Y = ? and give the definition
What is Gross Domestic Product (GDP) – The market value of all final goods and services produced within a country in a given period of time
100
Recurring increases and decreases in the level of economic activity over periods of years; consists of peak, recession, trough, and expansion phases.
What is Business Cycle
100
Smith sells tomatos out of his house. He makes enough money to pay all his bills and does not want to do anything else.
What is NLF
100
Products that are purchased for resale or further processing or manufacturing.
What is Intermediate Goods
200
Pakastan's growth rate was 7.75% last year. How long will it take Pakastan to double its GDP?
What is approx. 9 Years
200
c = ? and give the definition
What is Consumption – Spending by households on goods and services, with the exception of purchasing new housing
200
The point in a business cycle at which business activity has reached a temporary maximum; the economy is near or at full employment and the level of real output is or very close to the economy’s capacity.
What is Peak
200
Jones Works 30 hours a week as a bell hop for a local hotel. He is paid offthe books. He is happy with his job and does not want to work any where else.
What is NLF
200
In economic, spending for the production and accumulation of capital and additions to inventories.
What is Economic Investment
300
Iraq's growth rate was 0.75% last year. How long will it take Iraq to double its GDP?
What is approx. 93.3 years
300
I = ? and give 2 examples
What is Investment – spending on capital, equipment, inventories, and structures, including household purchases of new housing
EX. Machinery used for your business, stock kept in a warehouse, a new house
300
A phase of the business cycle in which real GDP, income, and employment rise.
What is Expansion
300
Johnson works at Bryant and Stratton college. He is currently looking for a new job.
What is Employed
300
Unemployment that results because the number of jobs available in some labor markets is insufficient to provide a job for everyone who wants one.
What is Structural Unemployment
400
If Italy's growth rate was 11.5% last year and Bostwana's growth rate was 6.875% How long will it take Italy and Bastwana to double their GDP?
What is Italy 6.1 Years and Botstwana 10.2 years
400
G = ? and give the definition
What is Government Purchases – spending on goods and services by local, state, and federal government
400
A period of declining real GDP, accompanied by lower real income and higher unemployment.
What is Recession
400
Sanders recently lost her job and is going to the employment agency to find a new one.
What is Unemployed.
400
A worker association that bargains with employers over wages, benefits, and working conditions.
What is Union
500
If Columbia's growth rate was 2.25% last year and Mali's growth rate was 1.875% How long will it take Columbia and Mali to double their GDP?
What is Columbia 31.1 years Mali 37.3 years
500
NX = ? and give the definition.
Does the U.S. have a positive or negitive NX
What is Net Exports – spending on domestically produced goods by foreigners (exports) minus spending on foreign goods by domestic residents (imports)
Negative
500
The point in the business cycle at which business activity has reached a temporary minimum; the point at which a recession has ended and n expansion (recovery) begins.
What is Trough
500
Washington works hard all day making wiskey. He then bottles and sells his wiskey at market collecting sales tax.
What is Employed
500
Individuals who would like to work but have given up on looking for a job.