This is a term that describes an addition or a subtraction to circular flow model.
Injection
Leakage.
100
This market basket approach helps determine the inflation rate by comparing past year prices with current prices.
What is the Consumer Price Index or CPI?
100
The method of calculating GDP.
What is C + I + G + NX or Consumption + Investment in Capital + Government Spending + Net Exports.
100
The type of unemployment that results from new workers looking for their first job.
What is Frictional Unemployment?
100
The only 15 letter word that can be spelled without repeating a letter is__________________
Uncopyrightable.
200
Economic terms that describe (1)economy declines for at least 6 straight months, and (2)Lowest part of the business cycle in which the downward spiral of the economy levels off.
1) Peak
2) Trough
200
What are the three levels of inflation, and how do are they measured?
Galloping: 3%
Creeping: 150%
Hyper: 500%
200
GDP is often used to state this.
What is the quality of life in a country or an economy's strenght and size.
200
The type of unemployment that results from the nature of changes in business.
What is Structural Unemployment?
200
When GDP is presented in current dollars.
What is nominal GDP?
300
This continent has the fewest flowering plants
Antartica
300
Calculate the CPI
The average CPI for 1980 = 82.4
The average CPI for 2011 = 224.9
2011 Price x (1980 CPI / 2011 CPI) = 1980 Price$20.00 x (82.4 /224.9) = $7.33
300
Goods that are produced in one year but are sold in another
Illegal goods
Goods Imported
Services that are not taxed
What are economic transactions not included in GDP?
300
"Meat Slurry" is a substance used to make what?
A. Chicken Nuggets
B. Big Macs
C Pepperoni
D. None of the above.
A
300
The market basket approach used to determine producer price changes.
What is PPI or Producer Price Index?
400
Of the four Factors of Production, what are the payments provided by the household
Land
Labor
Capital
Entrepreneurship
Inflation is considered a Macroeconomic topic because it affects this.
What is the economy as a whole?
400
To ensure that goods are not counted twice, GDP is calculated using only these.
The national accounting method that measures total output by factors of production owned by a resident of the country being measured.
400
Adult population of the U.S.
by group, April 2011
# of employed 139.7 million
# of unemployed 13.7 million
not in labor force 85.7 million
153.4 million (Labor Force) 139.7 + 13.7?
8.9 % (U-Rate) 100 x 13.7/153.4?
64.2 % (Labor Force PR) 100 x 153.4/239.1?
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
What causes the AS to shift to the right?
Productivity increases or the price of key inputs falls, making a combination of lower inflation, higher output, and lower unemployment possible.
500
What is the ballet turn for a 360 degree turn on one foot?
Pirouette
500
What is tall when it is young and short when it is old?
Candle
500
During economic expansion what happens to
1. GDP
2. Unemployment
3. CPI
4. Inflation?
Explain why on all four.
1. GDP increases
2. Unemployment goes down
3. Consumer price index goes up
4. Inflation goes up
500
An alternative method to calculating GDP that takes into account environmental factors.