1
Product that is intangible, such as entertainment, healthcare, or education.
Services
Consumption is the purchase of goods and services by . . .
Consumers
The U.S. unemployment rate moves up and down as the economy moves in and out of recessions. But, over time, the unemployment rate seems to return to a range of 4 to 6 percent.
True or False
True
Real GDP in the U.S. in 2020 was:
A) $184 billion
B) $1.84 trillion
C) $18.4 trillion
D) $184 trillion
C
Frictional unemployment occurs when college students go back to school at the end of the summer.
True or False
False
Women composed 2 percent of the paid workforce in 1900 and 50 percent of the paid workforce in 2021.
True or False
False
The value of all final goods and services produced in a country.
GDP (Gross Domestic Product)
Factory workers in the U.S. laid off as the plants shut down and move to Mexico and Ireland.
What type of unemployment?
Structural
______________ is a small category that refers to the goods produced by one business that have yet to be sold to consumers, and are either still sitting in the warehouse and on store shelves.
Inventories
Landscapers laid off in response to a drop in new housing construction during a recession.
What type of unemployment?
Cyclical
If imports exceed exports, as in recent years, then a _________________ exists.
Trade Deficit
Short-lived goods like food and clothing.
Non-Durable Good
______________________ argues that the productivity of workers will increase if they are paid more, and so employers will often find it worthwhile to pay their employees somewhat more than market conditions might dictate.
Efficiency Wage Theory
During the Great Depression of the 1930s, the unemployment rate reached more than ______ percent of the labor force.
25%
A financial analyst who quits their job in Chicago and is pursuing similar work in Arizona.
What type of unemployment?
Frictional
Individuals who are employed in a job that is below their skills.
Underemployed
All the elements that affects people's happiness, whether people buy or sell these elements in the market or not.
Standard of Living
What are the five stages of a business cycle?
- Expansion
- Peak
- Recession
- Trough
- Recovery
The labor force consists of:
All adults who are working or actively seeking work
_______________ are now the largest single component of the supply side of GDP, representing over half of GDP.