The type of GDP that does not include adjustments for inflation.
What is nominal GDP?
100
In order to be considered unemployed you must be willing, able, and
What is actively seeking employment?
100
A general rising in the price levels.
What is inflation?
100
If the value of the market basket in 2012 is $50, and the value of the market basket in 2014 is $150, using the base year of 2012, what is the CPI for 2014?
What is 300?
100
Buying a used car would have this impact on GDP?
What is no impact?
200
The type of GDP that is adjusted for inflation.
What is Real GDP?
200
Unless extended by the federal government, unemployment benefits cease after
What is 6 months?
200
Occurs when price levels decrease.
What is deflation?
200
The stage of the business cycle with low unemployment, increase in Real GDP, and a low rate of inflation.
What is recovery (or expansion)?
200
Exporting eggs raised in Jasper to Japan.
What is increased GDP (Net Exports)?
300
Used as a measure of standard of living?
What is GDP per capita?
300
The type of unemployment that occurs when a person is between jobs but whose skills are still valuable to the market.
What is frictional unemployment?
300
Occurred in the 1970s when prices increased without increasing wages, money supply, or employment increasing and the overall economy was sluggish.
What is stagflation?
300
A period of at least 6 months with increasing unemployment and decreasing Real GDP.
What is a recession (or contraction)?
300
A PHS student, Augustus, is paid $45 in cash for mowing his teacher's lawn.
What is no impact? (non-market transaction)
400
The formula for the expenditure approach to GDP.
What is C + I + G + (E-I) = GDP?
Consumer Spending + Investments (Business Spending) + Government Spending + Net Exports (Exports - Imports) = GDP.
400
The type of unemployment experienced by Ned, a typewriter repairman.
What is structural unemployment?
400
The main measure used by the federal government to measure rate of inflation?
What is the Consumer Price Index (CPI)?
400
The group of consumers most impacted by increasing rates of inflation which includes the elderly and disabled.
Who are consumers on a fixed income?
400
Ms. Buck bought a house in Jasper?
What is increase? (Investment)
500
The formula for the Income approach to GDP?
What is W + R + I + P = GDP?
(Wages + Rents + Interest + Profits = GDP)
500
Jane was a real estate broker. In 2010, she became unemployed due to the failure of the house market. She is an example of...
What is cyclical unemployment?
500
A list of commonly purchased consumer goods and services whose prices are monitored on a monthly basis to determine inflation?
What is market basket?
500
The British economist who argued that through expanding government spending and careful government control of the money supply, rampant inflation and economic depressions could be avoided.
Who is John Maynard Keynes?
500
Jayson, an Edward Jones broker, receives a commission on the stock/investments purchases he makes on his clients' behalf.