CATEGORY #1
CATEGORY #2
CATEGORY #3
CATEGORY #4
CATEGORY #5
100
What is frictional unemployment?
Unemployment that occurs when workers are temporarily between jobs or entering the workforce for the first time.
100
What is cyclical unemployment?
Unemployment that is caused by a downturn in the economy or a recession.
100
What is structural unemployment?
Unemployment that happens when workers' skills do not match the available jobs or when industries decline.
100
The Quantity Theory states what?
Too much money in the economy leads to inflation.
100
The Demand-Pull Theory states what?
Inflation occurs when demand for goods and services exceeds existing supplies.
200
The Cost-Push Theory states what?
Inflation occurs when producers lower prices in order to meet increased costs.
200
Depression can be best described as…
A long severe recession.
200
Recession can be best described as…
A prolonged economic contraction.
200
“The Fed has raised interest rates five times this year and is set to do so again next week and in December. Fed Chairman Jerome Powell has warned that the Fed’s interest rate hikes will bring “pain” in the form of higher unemployment in the months to come.”
- Which phrase of the business cycle is being described in the excerpt above?
Recession
200
“Employers have added an average of 420,000 jobs a month this year, putting 2022 on track to be the second-best year for job creation (behind 2021) in Labor Department records going back to 1940. The unemployment rate was 3.5% last month, matching a half-century low.”
- Which phrase of the business cycle is being described in the excerpt above?
Expansion
300
In the diagram below, which graph is labeled correctly?
D
300
Which color represents when unemployment is at its’ highest?
Blue
300
Which of these colors represents the point when GDP is at its’ highest?
Yellow
300
Define Unemployment Rate
The percentage of the nation’s labor force that is unemployed.
300
Define Inflation
The general increase in prices.
400
Define Social Mobility
Refers to change in a person's socio-economic situation, either in relation to their parents or throughout their lifetime.
400
Define Gross Domestic Product (GDP)
The dollar value of all final goods and services produced within a country’s borders in a given year.
400
Define Fiscal Policy
The federal government’s use of taxing and spending to keep the economy stable.
400
Define Expansionary Policies
Increase in government or the government decreasing taxes.
400
Define Contractionary Policies
Decrease in government spending or increase taxes.