The difference between actual and potential output
What is the output gap?
100
This market basket approach helps determine the inflation rate by comparing past year prices with current prices.
What is the Consumer Price Index or CPI?
100
The method of calculating GDP.
What is C + I + G + NX or Consumption + Investment in Capital + Government Spending + Net Exports.
100
The type of unemployment that results from new workers looking for their first job.
What is Frictional Unemployment?
100
The curve that shows income inequality.
What is the Lorenz curve?
200
Potential output is less than actual output
What is an inflationary gap?
200
When inflation is calculated into an economic statistic, the data is considered constant or this.
What is real?
200
GDP is often used to state this.
What is the quality of life in a country or an economy's strength and size.
200
The type of unemployment that results from the nature of changes in business.
What is Structural Unemployment?
200
When GDP is presented in current dollars.
What is nominal GDP?
300
Unemployment that is due to a recessionary gap
What is cyclical unemployment?
300
When prices rise workers often bargain for higher wages to stay ahead of inflation - this is the chicken and egg of economics.
What is the Wage-Price Spiral?
300
Pollution, leisure, and drug dealing.
What are economic transactions not included in GDP?
300
The type of unemployment that results from work only being needed during certain months of the year.
What is seasonal unemployment?
300
The market basket approach used to determine producer price changes.
What is PPI or Producer Price Index?
400
The pressure on wages to rise or fall during an output gap
What is the automatic adjustment process?
400
Inflation is considered a Macroeconomic topic because it affects this.
What is the economy as a whole?
400
To ensure that goods are not counted twice, GDP is calculated using only these.
What are final goods or final ouput?
400
The unemployment we have not yet had a question about.
What is cyclical unemployment.
400
Selecting a base year, assigning it a number of 100, and calculating index numbers for other years to determine how prices have changed is the method for creating this.
What is a price index?
500
Business Investment, the availability of money and credit, and expectations about economic future all influence this.
What is downward wage stickiness?
500
The Census Bureau helps collect data that the BLS analyzes to produce statistics about inflation and unemployment, through this method.
What is the CPS?
500
The national accounting method that measures total output by factors of production owned by a resident of the country being measured.
What is Gross NATIONAL Product?
500
When an individual with a PhD. in Botany works at a local flower shop they are an example of this -
What is under-employment?
500
An alternative method to calculating GDP that takes into account environmental factors.