GDP
Unemployment
Inflation
Economy
Miscellaneous
100
What does GDP stand for and what does it mean?
What is Gross Domestic Product- the sum of all goods and services produced in a country in a year
100
What is the labor force?
number of people age 16 or older employed or unemployed but looking for work
100
What is the CPI and what does it measure
Consumer Price Index; the increase in prices over time
100
Which band is this?
Queen
100
What kind of unemployment refers to the act of being between jobs?
frictional
200
What is the name of this singing group?
The Supremes
200
List three groups of people not in the labor force.
prisoners, retirees, disabled, children
200
An increase in CPI over one month means prices ... and the value of the dollar is ...
prices are going up; dollar going down
200
What unemployment is caused by the natural rise and fall of the business cycle?
cyclical employment
200
What are three problems associated with higher unemployment?
poverty, crime, ghettoes, marital problems
300
Who are the top 3 nations in the world in GDP?
US, China, Japan
300
There are 10 mil people in a country who are unemployed, 195 million who are employed. What is the unemployment rate?
5%
300
What is considered an acceptable, average annual rise in prices in the US?
2% or less
300
Name five Disney princesses
Ariel
Belle
Jasmine
Aurora
Tiana
Rapunzel
Merida
Mulan
Pocahontas
Merida
Cinderella
Snow White
300
Who of the following is in the labor force? a) a 15 year old thinking about looking for a job b) a 16 year old working part time at Hannaford during the school year c) a stay at home mom who manages her household finances
b
400
What is NOT included in the measurement of GDP?
non-market production
environmental damage
distribution of wealth
400
What is structural unemployment?
those who have lost jobs due to changing technology or markets and can't get new ones due to lack of skills
400
What happened in Germany after WWI related to inflation?
hyperinflation destroyed savings and the economy and partially led to the rise of Hitler
400
What is the name of the second Spiderman movie?
Far From Home
400
What is considered strong GDP growth in the US?
at least 4%
500
Name three bands from the 1990s
There are lots!
500
List two weaknesses of the unemployment rate and what it measures.
Does not count those who have dropped out of the labor force (discouraged workers), does not count those who are underemployed (part time and want full time)
500
What are three categories of goods that are counted in the CPI?
food, utilities, gas, rent, transportation, housing, communications, clothing and footwear
500
Who will inflation hurt more, a lender or borrower?
A lender
500
What is the difference between GDP and Real GDP?
Real GDP is adjusted for inflation