GDP
The tool economists use to determine the wealth of a country.
Gross Domestic Product (GDP)
The percentage of people who are jobless and looking for work.
unemployment rate
This organization acts as the central bank for the United States.
the Federal Reserve (FED)
Nations set these up to try and limit trade with other nations.
trade barriers
What were Frosty’s first words after coming to life?
“Happy birthday!”
The total value of all final goods and services produced in a country during a given time period.
GDP
This type of unemployment is caused by seasonal changes in demand.
seasonal unemployment
The FED provides banking services to this group.
other banks
This type of trade barrier involves setting limits on the number of goods that can be imported.
quotas
What present does Ralphie want more than anything for Christmas?
A Red Rider BB gun
During an economic “boom,” GDP would be _________
high
A percentage of people who lack the income needed to meet the minimum standard of living.
poverty rate
The policy that sets bond rates, prints money, and sets reserve ratios for banks.
monetary policy
One of the largest trade organizations in the world, made up of many countries from almost an entire continent.
the European Union (EU)
What’s the name of the mountain the Grinch lives on?
Mount Crumpit
A sports car would be counted as which part of GDP?
Consumption
This type of unemployment occurs when workers lose their jobs due to hard economic times.
cyclical unemployment
Uses taxes and government spending to affect the economy
fiscal policy
This organization, which no longer exists, allowed for free trade between the U.S., Canada, and Mexico.
NAFTA (North American Free Trade Agreement)
What time is the Grinch set to have dinner with himself (and he can’t cancel it again)?
6:30 p.m.
During an economic “boom” inflation would be __________
low
The term for jobs lost due to technological advancements or lack of skills.
structural unemployment
The buying and selling of bonds and other securities by the central bank.
open market operations
The benefit of a free trade agreement.
increased trade and economic growth
(ELF) What are the four main food groups for elves?
Candy, candy corn, candy canes and syrup