GDP & Inflation
The meaning of inflation
What is the rise in general price levels?
The organization that controls fiscal policy.
What is the government?
It is the unemployment between two jobs.
What is frictional unemployment.
The point in the economy where there is about to be a downturn.
What is peak?
The organization who controls monetary policy?
What is the Federal Reserve?
(Illuminati.... shhhhhhh)
The main cause of inflation
What is too much money in circulation?
The two main tools of fiscal policy.
What are taxes and government spending?
The meaning of frictional unemployment
What is in between jobs?
The difference between recession and depression.
What is depression last longer?
The number of district banks in the federal reserve.
What is 12?
The way that you calculate the dollar amount for GDP
What is multiply all final goods and services by their prices and add them up.
When the government spends less than they bring in with taxes in one year.
What is a budget surplus?
The criteria needed to be qualified as officially unemployed.
What is not having a job but actively looking for one?
The other name for recession.
What is contraction?
The type of monetary policy the Fed would use during expansion.
What is tight money policy?
The most commonly purchased goods and services used to make a price index to measure inflation.
What is a market basket?
The way in which budget deficit and national debt are related.
What is deficits add up to make the national debt?
(or something similar)
Being unemployed due to a recession.
What is cyclical unemployment?
The three major economic indicators that let us know what phase of the economy we are in.
What is GDP, Unemployment rate, and CPI (inflation)?
The four tools of monetary policy.
What are the reserve requirement, discount rate, open market operations, & interest on reserves?
The difference between real and nominal GDP
What is the prices used to calculate GDP?
Also accept, What is Real GDP adjusts for inflation?
The specific actions that Congress would make to fiscal policy during a recession.
What is lower taxes and increase government spending?
An example of structural unemployment.
What is? (multiple answers work here)
Blockbuster due to netflix, the milkman, telephone operators, cashiers due to self checkout, tv repairman, assembly line workers due to robots
When the GPD is increasing, unemployment is decreasing, and CPI is rising.
What are signs that the economy is in recovery/expansion?
The action the Fed would take with Open Market Operations during a recession.
What is buy bonds/securities?