Macroeconomics Jeopardy

Poverty and Business Cycle

100

Whats the name of this unit?

Macroeconomics

200

Best an economy gets before a downturn

Peak

300

The period of growth that follows a trough.

What is expansion.

400

The highpoint of expansion, that preceeds contraction.

What is peak?

500

Amidst concerns over business development and government instability. China's unemployment increased from 3% to 7%.

Which phase of the business cycle are they in?

Recession

Inflation

100

Contractionary monetary policy will do what to inflation?

Decrease it

200

______ GDP is the type of GDP that shows you the actual growth, since it's adjusted for inflation

What is real?

300

When GDP is presented in current dollars.

Nominal GDP

400

Market basket approach to finding change in prices is called this

CPI

500

Goal Inflation Rate in the US

2%

or 1-3%

GDP

100

You buying a phone is what component of GDP?

Consumer Spending

200

Newton County bulding a new roundabout is what component of GDP?

Government SPending

300

Equation/components to find GDP

What is C + I + G + NX OR Consumption + Investment in Capital + Government Spending + Net Exports.

400

Lumber being used to make a house doesn't count towards GDP because it is a ___________

Intermediate good

500

What type of GDP would you look at when comparing two countries to see who is more productive?

What is GDP per capita?

Unemployment

100

The type of unemployment that results from new workers looking for their first job.

What is Frictional Unemployment?

200

The type of unemployment that results from your skill no longer being needed in the workforce

What is Structural Unemployment?

300

The type of unemployment that results from work only being needed during certain months of the year.

What is seasonal unemployment?

400

You get laid off because business is slowing down.

What is cyclical unemployment.

500

When an individual with a PhD. in Botany works at Mcdonalds this is an example of __________

What is under-employment?

Monetary, Fiscal, Random

100

Government spending is an example of _____________ policy

Fiscal

200

Money supply is related to what type of policy?

Monetary

300

How many people make up the Board of Governors?

7

400

Selecting a base year, assigning it a number of 100, and calculating index numbers for other years to determine how prices have changed is the method for creating this.

What is a price index?

500

Interest Rates will ___________ under expansionary monetary policy

decrease