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Expenditure
GDP
Unemployment
Inflation
Wild Card
100

The difference between real and nominal GDP

What is inflation

100

200 Pies at 10 dollars each 

300 Bracelets at 5 dollars each

500 Sweaters at 20 dollars each 


What is 13,500?

100
The equation for finding the unemployment rate.
What is #unemployed/# in labor force x 100
100

This is a decrease in the prices of goods and services.

What is deflation?

100

This is a series of periods of expanding and contracting economic activity.

What is business cycles?

200
The equation for the expenditure approach to GDP.
What is C+I+G+X-M?
200
the dollar value of all final goods and services produced within a country’s borders in one year.
What is GDP?
200

The number of people in a region who are able and likely to work starting at 16 

What is the working age population?

200

Helped or hurt by unexpected inflation? A bank who lent out $500 billion in fixed-rate loans.

What is hurt?

200

The illustration of how money, goods, and services continuously circulate between households and firms within an economy

What is the circular flow model?

300

What GDP category does the following fall into: $120 Social Security payment to Bob

What is not included?

300

The equation for finding GDP growth rate

What is Year 2-Year 1/Year 1 x 100

300

The three types of unemployment. Two of these added together make the natural rate of unemployment.

What is frictional, cyclical, and structural?

300

Helped or hurt by unexpected inflation? An elderly veteran living off fixed retirement payments of $500 a month

What is hurt?

300

During the business cycle, the type of gap that occurs during and around a peak.

What is an inflationary gap?

400
What GDP category does the following fall into: Lego makes new $2M factory
What is "Capital I" investment?
400
These are not included in GDP.
What is Intermediate Goods Non-production transactions - financial and used goods Non-market and illegal activities
400
A stockbroker who lost her job due to a downturn in the economy and is searching for work. A VCR repairman who lost his job during the recession and is looking for work. Which one is structurally unemployed?
What is the VCR repairman?
400

Helped or hurt by unexpected inflation: Someone who borrows $1000 at 5% interest.

What is helped?

400

The GDP deflator equation.

What is nominal GDP/Real GDP x 100

500
The four categories of the income approach and the categories to which they correspond.
What is Rent=Land Wages=Labor Interest=Capital Profit=Entrepreneurship
500

The inflation-adjusted measure that reflects the value of all good and services produced by an economy in a given year.

What is Real GDP

500

The three items not accounted for in the unemployment rate.

What is Discouraged Workers, Part time employees, non market transactions

500
The equation for finding CPI
What is price of market basket/price of base year market basket x 100
500
In an economy, Real GDP (base year = 1996) is $125 billion and the Nominal GDP is $150 billion. Calculate the GDP deflator.
What is 120 billion?