Market Equilibrium
What is the acronym for supply shifters?
_______ measures the total value of final goods & services but adjusted for ______
Real GDP; Inflation
2 types of people that aren't counted under unemployment are?
Retired & Disabled
When an economy is at its lowest, its experiencing a..?
Trough
Another way of naming the formula for inflation is?
"Percent change formula"
What does QD=QS refer to?
Market equilibrium
Real GDP divided by the population is refered as what?
GDP per capita
The formula for labor force participation rate is?
Labor force/ adult population x 100
What are the "ups and downs" of the business cycle?
Expansion, peak, recession, & trough
Base year is always?
100
What does the "S" in the acronym for Demand stand for?
Substitutes
How many methods measure GDP, and what are they?
3, The expenditures, income, and value-added (output) approaches
At what age does unemployment begin counting at?
16
What does the Y-axis of the business cycle represent?
Economic Activity
CPI- Consumer price index
When you do not know the direction of the shift, this is called?
Indeterminate
Real GDP shows ACTUAL output growth, while ______ GDP overstates growth when prices rise.
Nominal
Hidden, discouraged, and underemployed are all _________ of unemployment.
Limitations
The natural rate of unemployment is?
Frictional + Structural
A problem with inflation is that the levels of prices does not matter. this means that ______ and ______ rise together.
wages and prices
When quantity of supply is greater than quantity of demand, what is that called?
What are the four entities of the expenditures approach, and what to they represent?
(C)-Consumption
(I)-Investment
(G)-Government
(X-M)-Exports minus Imports
What are the three types of unemployment
Frictional, Cyclical, and Structural
The natural rate of unemployment changes over time due to?
GDP deflator measures what?
The ratio of Nominal GDP/Real GDP x 100