Gross Domestic Product
What are the four components of GDP?
Consumption
Investment
Government Expenditures
Net Exports
What is the difference between Real GDP and Nominal GDP?
Real GDP is adjusted for inflation.
What are the three types of employment status?
Employed
Unemployed
Not Looking
What is the name of the phase when GDP/business is increasing?
Expansionary (Recovery) Phase
Which NBA team currently has a league-best record of 44-10?
Phoenix Suns
What kinds of things are NOT included in GDP?
Intermediate goods, personal investments, transfer payments, happiness, fears, cleanliness, pollution, free stuff, more.
What is the equation for Real GDP?
Real GDP = (Nominal GDP)(100)/(Price Index)
What are the three types of unemployment?
Frictional
Structural
Cyclical
What is the name of the phase when GDP/business is shrinking?
Contractionary (Recession) Phase
What movie earned the most revenue at the Domestic Box-Office this past weekend (February 4-6)?
jackass forever ($23.2 million)
GDP or no?
A barber’s income from cutting hair.
Yes, consumption.
What is the equation for percentage growth?
Growth = (New - Old)/(Old) x 100
Is everyone without a job unemployed?
No, they must be without a job and looking/want a job to be unemployed.
What is one negative side effect of the Expansionary Phase?
Increased inflation
Name the women's or the men's winner of the 2022 Australian Open (tennis).
Women's: Ashleigh Barty (Australia)
Men's: Rafael Nadal (Spain)
Why do we only count the final retail price of a new good or service in GDP?
GDP would get too large if we counted everything. May encourage unethical inflation of GDP values.
What does "per capita" mean?
Per person or divide by the population
Which type(s) of unemployment are part of the Natural Rate of Unemployment?
Frictional and Structural
What typically happens to the Unemployment Rate during the Contractionary Phase?
Unemployment typically rises.
Scientists recently discovered that mosquitoes are particularly attracted to what color?
Red
GDP or no?
The government makes a $300 Social Security payment to a retired person.
No, transfer payment.
How is the Consumer Price Index calculated?
The price of a market basket of goods is monitored from year to year.
What is the difference between the Unemployment Rate and the Labor Force Participation Rate?
UR: ratio of those looking for jobs to the total labor force.
LFPR: ratio of the total labor force to the total adult population (16+)
What is a Depression?
If the contractionary phase causes the level of output to fall to especially low levels and unemployment to climb to very high levels relative to the historical average.
What is the name of the stadium hosting the Super Bowl this Sunday?
SoFi Stadium (Los Angeles/Inglewood)