GDP
This is the expenditures method for calculating GDP
What is Consumption+Government Spending+Investment+Net Exports
What is frictional unemployment?
This is what CPI measures.
What is the change in price of a specific market basket of goods?
This is the difference between real and nominal GDP
What is that Real GDP adjusts for inflation and nominal GDP does not?
This is what it is called when an economy has a potential output and actual output that are equal to each other.
What is long-run equilibrium?
This is the category of GDP that a new video game system would count towards
What is consumption spending?
These are the two types of unemployment that make up the natural rate of unemployment.
This is an example of a group of people who benefit from unanticipated inflation.
Who are borrowers of fixed-interest rate loans.
This is what happens to real GDP if the GDP deflator is less than 100.
What is that it has increased?
This is what it is called when an economy's actual output is increasing.
What is expansion?
In the circular flow model, this group represents suppliers in the resource market and demanders in the factors of production market.
Who are businesses/firms?
This is one way in which the unemployment rate may downplay a nation's employment problems. (Multiple correct answers here.)
What is that it does not account for:
Discouraged Workers
Underemployed Workers
Age/Racial/Gender/Geographic inequalities
This is the inflation rate for a country that has a CPI for of 100 in the base year and 115 in the following year.
What is 15%?
This is the Real GDP for a country with a Nominal GDP of $50,000 and the GDP Deflator is 105
What is $47,619
This is what it is called when an economy is at a low point of a period of contraction.
What is a trough?
This is one limitation of GDP. (Multiple correct answers here.)
What is that it doesn't account for:
Household production (goods made at home, used goods, etc.), nonmarket transactions (Stock, bonds etc.), income inequality, illegal goods?
This is what would happen to the unemployment rate if millions of people chose to quit looking for jobs because they are having such a hard time finding work.
What is that it would decrease?
This is a criticism of CPI as a reliable metric of measuring quality of life for consumers.(Multiple Correct Answers Here)
What is that:
CPI may not account for when consumers substitute lower priced goods for more expensive goods.
CPI may not account for new goods that enter the market.
CPI may not account for when the quality of products increases or decreases.
This is the real GDP for a country that has a nominal GDP of 200,000 and a GDP deflator of 80.
What is 250,000?
This is what it is called when an economy's actual output is higher than it's potential output
What is an inflationary or positive output gap?
This is a nation's nominal GDP when it has:
$50 in consumption spending
$30 in government spending
$25 in exports
$28 in imports
$40 in income taxes
$35 in investment spending
What is $112?
This is the unemployment rate of a country that has a population of 100 million, 40 million of which are employed, and 20 million of which are unemployed.
What is 33.33%?
This is the inflation rate for a country in the following scenario:
Gallon of Milk:
Quantity: 10, 2010 Price: $3, 2011 Price: $5
Chicken
Quantity: 8, 2010 Price $5, 2011 Price $6
Pair of Shoes:
Quantity 2, 2010 Price $25, 2011 Price $26
What is 25%
This is the nation that has the higher Real GDP according to the following data:
Country A: Nominal GDP of 10 million, GDP Deflator of 150
Country B: Nominal GDP of 14 Million, GDP Deflator of 200
What is Country B? (7 million>6.6 million)