You Down with GDP?
Real GDP is made up of these four components
What are:
Consumer Spending
Investments
Government Spending
Net Exports
This is the equation for finding the unemployment rate.
What is #unemployed/# in labor force x 100?
This type of inflation would result from an increase in the price of resources.
What is cost-push inflation?
The Eiffel Tower has this many steps...closest wins
GDP does not include second hand sales to avoid doing this.
If Pancho the expert video cassette maker is unemployed recently due to the advent of DVDs, his unemployment is of this type.
What is structural?
This country's flag is the only non-quadrilateral flag.
What is Nepal?
This is the value of the Nominal GDP, when Real GDP = $200 billion and the GDP deflator = 200
What is 400 Billion?
The natural rate of unemployment, found at the full employment level, is when there is none of this type of unemployment.
What is cyclical?
Helped or hurt by inflation: An elderly couple living off fixed retirement payments of $2000 a month.
What is hurt?
In the U.K. it's illegal to wear this in Parliament.
What is a suit of armor?
Of the following, the one included in GDP as part of consumption: a $1200 Social Security payment to Bob, Bob spending $50 on a hammer and nails at the hardware store, or Joe building a new house for Bob and his wife.
What is Bob spending $50 on a hammer and nails at the hardware store?
The unemployment rate is often criticized as a good measure of the economy because it fails to include these types of people in the calculation.
Who are discouraged workers?
The effect on inflation if CPI is 150 in Year 1 and 195 in Year 2.
What is increased by 30%?
On average, a golf ball has this many dimples. Closest wins
What is 336?
If the nominal GDP for an economy in a given year was $135, and the real GDP was $125, this is the value of the GDP deflator price index.
What is 108?
You don’t like your job in a market bagging groceries and you quit then start looking for a new job. You would be classified as this type of unemployment.
What is frictional?
If the cost of a market basket is $150 in Year 1, $120 in Year 2, and $200 in Year 3, then the price index for Year 1 is this value if Year 3 is the base year.
What is 75?
Hippopotomonstrosesquippedaliophobia is the fear of this.
What is long words?