GDP
What does GDP measure?
An economy's performance and determine the opportunities and problems it faces.
What is inflation?
The rise of prices of goods and services in an economy over time.
What's the unemployment rate formula?
#Ue \ LF x 100
In 2023, what level did the US GDP reach?
27.4 trillion
What effect did it have when the Federal Reserve raised interest rates and supply chains improved?
Inflation decreased and stabilized at around 3%.
Which year was unemployment highest in the USA?
2020
What is an example of a recession that has taken place in the last 5 years?
COVID-19 Pandemic
Why did the inflation rate reach a peak of 9.1% in June of 2022?
Because of the Ukraine and Russia conflict.
(due to the rise of oil and gas price)
Which sector experienced the gretest level of unemployment during COVID?
Leisure and hospitality
By how much did the U.S. GDP drop during the 2020 recession caused by the COVID-19 Pandemic?
By 200 billion dollars
What was the inflation rate in the USA before the COVID-19 pandemic?
The inflation rate was steady and moderate at around 2%.
What is the great resignation that happened in early 2021?
When millions of individuals quit their jobs.
What monetary policy did the Federal Reserve use to stimulate growth?
Interest rate cuts
What caused inflation to rise after the pandemic?
Inflation rose because businesses reopened
What is an example of a policy in response to the COVID-19 Pandemic to help with financial aid?
CARES Act