Basic GDP
Advanced GDP
Economic Growth
Business Cycles
Anything goes...
100
What does GDP stand for?
Gross Domestic Product
100
What does Real GDP account for that Nominal does not?
Inflation/deflation
100
The most common measure used to estimate a country's economic growth over time is
GDP per Capita
100
The highest point of real GDP.
What is the peak?
100
Unemployment and real GDP growth are __________ related.
Inversely or Negatively
200
GDP is total monetary value of what?
All finished goods and services produced within its borders
200
If an economy grew by 6%, but there was inflation at 2.5%, what is the real GDP growth?
3.5%
200
This is the education, skills and on-the-job training that workers posses.
What is human capital?
200
The period of recovery from a recession.
What is expansion?
200
This government agency is responsible for calculating and reporting the CPI (Consumer Price Index).
What is the Bureau of Labor Statistics (BLS)?
300
GDP measures what of a country?
Its economic health and standard of living
300
When you decide what year's prices to use for calculating GDP, what is that year referred to as?
Base year
300
This refers to machines, tools, factories, new construction, and the like.
What is capital? (Or physical capital)
300
Individuals taking a break from employment to go back to school are part of what type of unemployment?
Frictional unemployment.
300
This meme is an example of a lack of understanding about which topic covered in the Exam 2 materials?
Real Income!
400
List two ways countries can increase their GDP
Increase labor force
Increase labor productivity
Technological advancement
Trade surplus
400
True or False. A decline in the demand for durable goods in an economy will have a stronger impact on GDP compared to a decline in the demand for nondurable goods.
True.
400
An economy experiences sustained growth over many years. The production possibilities curve will shift to the ________ to show this growth.
What is to the right?
400
What type of unemployment is caused by an economic recession?
Cyclical unemployment.
400
Economists primarily blamed increases in inflation in 2024 to what component of the consumer market basket?
RENT!
500
What is the GDP equation?
GDP= C + I + G + Xn
500
If the price index used to estimate real GDP was 100.0 in 2012, 104.7 in 2015, and 113.6 in 2020, which year could we then conclude had the highest inflation?
2020
500
This occurs when an economy gets more output without using more capital or labor.
What is technological progress?
500
Inflation caused by consumer willingness to spend that exceeds an economy's output is called?
Demand-Pull Inflation
500
True or False. It is possible for business cycles to skip stages.
True!