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Gross GDP
The Value of a Dollar
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100
The total dollar value at current prices of all goods and services produced in an economy over a given period.
What is Gross Domestic Product?
100
A measure of price changes for a typical basket of consumer products.
What is the Consumer Price Index?
100
Percentage of the entire labour force population that makes up the labour force
What is the participation rate?
100
GDP/Population
What is per capita GDP?
100
All the market transactions that go unreported and thus are not included in GDP.
What is the underground economy?
200
A method of calculating GDP by adding together incomes in the economy.
What is the income approach?
200
Nominal income / CPI (in hundredths)
What is real income?
200
Unemployed labour force / labour force
How is the official unemployment rate calculated?
200
Provisions for income adjustments to account for inflation, included in some employment contracts.
What is cost-of-living adjustment clauses?
200
One includes price and quantity changes, one just price changes. One is updated less frequently, one is updated regularly.
What is the difference between CPI and the GDP Deflator?
300
Wages and salaries, interest income, corporate profits and proprietors' incomes
What are the four main types of income included in the income approach?
300
Nominal GDP/GDP Deflator (in hundredths)
What is real GDP?
300
The problem of workers being underutilized, either as part-time workers or by working at jobs not appropriate to their skills and education
What is underemployment?
300
Unemployment due to being temporarily between jobs or looking for a first job.
What is frictional unemployment?
300
A pensioner on a set income each month.
What is an example of a fixed income?
400
C + I + G + (X-M)
What is the expenditure model calculation for GDP?
400
Not taking into account consumer differences is an example.
What is a limitation of the CPI?
400
Unemployed workers who have given up looking for work.
What is a discouraged worker?
400
A hotel and restaurant management graduate who is looking for their first career-related job.
What is an example of frictional unemployment?
400
A former bank teller who, so far, has had no success finding a similar job, due to the replacement of tellers by ATMs. Included in unemployment rate as long as actively seeking employment.
What is an example of someone who is structurally unemployed?
500
Composition of output, Income distribution, Leisure
What are three limitations of using GDP to access living standards?
500
An indicator of price changes for all goods and services in the economy.
What is the GDP deflator?
500
The best class in your program.
What is Economics?
500
Products that will not be processed further and will not be resold
What are final products?
500
A graphic artist who loses her job during an economic downturn.
What is an example of someone who is cyclically unemployed?