Health of Economy
It measures the total value of goods and services produced in a country and is an indicator of economic health.
What is GDP or Gross Domestic Profit
A situation in which the average of all prices of goods and services is rising
What is inflation
Short-term unemployment that is not related to the business cycle
An increase in production costs, such as expenses for materials and wages.
What is cost-push inflation
The situation when about 94 percent of those available to work actually have jobs
What is full employment
An increase in the nation's output of goods and services
What is economic growth
Purchasing power is a function of what?
What is inflation and income
A downturn in the business cycle reduces the demand for labor throughout the economy.
What is cyclical unemployment
The demand for goods and services is greater than the supply.
What is demand-pull inflation
What is unemployment rate.
This country has continued to grow more rapidly than most other countries
What is China
Keeping overall prices for goods and services fairly steady
What is the third macroeconomic goal
What is structural unemployment
Wage increases are a major cause of
What is cost-push inflation
Those not seeking jobs because they think no one will hire them.
What are "discouraged workers"
A decline in GDP that lasts for two consecutive quarters
The Department of Labor collects about 80,000 retail price quotes and 5,000 housing rent figures to calculate this index.
What is consumer price
Occurs during specific times of the year in certain industries.
What is seasonal unemployment
An index of the prices of a "market basket" of goods and services purchased by typical urban consumers.
What is consumer price index (CPI)
How often does the US Department of Labor release statistics on employment.
What is each month.
The fluctuation of econonic activity over time, consisting of expansion, peak, contraction and trough.
What is the business cycle
Another important indicator of inflation.
What are changes in wholesale prices.
This well-known North American automobile manufacturer, workforce increased by 25 percent over the past 5 years.
Who is Ford Motor Company
Major components of the CPI, that are weighted by importance
What are food and beverages, clothing, transportation, housing, medical care, recreation and education.
During the 2007-2009 recession in the United States the unemployment rate peaked at what percent in October of 2009?
What is 10 percent.