GDP
The acronym "GDP" stands for this
What is Gross Domestic Product?
The increase in the average level of prices
What is Inflation?
Name one benefit of international trade for consumers
Greater selection, better quality, lower price
As GDP goes up, Unemployment will....
Go down
Mr. Carr always keeps this in his desk.
What is candy? (I will also accept chocolate covered pretzels)
Explain the difference between Nominal GDP and Real GDP
Nominal is calculated using current year quantity, current prices. Real is adjusted for inflation and is calculated by using current year quantity and base year prices.
The most common measure of Inflation
What is the Consumer Price Index? (CPI)
An agreement with other countries to trade freely with each other.
What is a Trade bloc?
This includes everyone ages 16 or over who are
working or actively seeking employment. (and non-institution)
What is the Labor Force?
Mr. Carr taught this course for 3 years at OAMS
What is 7th grade ELA/SS?
C+I+G+(X-M)
What is the Expenditure approach?
Give a specific example of how a family might experience the impact of inflation in
their daily lives.
Price rising on gas, grocery items, any other consumer product
Name one measure taken by the government that aligns with a "Protectionism" approach
Tariff, Quota, Embargo, Subsidy, Standards
Name the 4 types of Unemployment
Seasonal, Frictional, Structural, Cyclical
Mr. Carr went to this college
What is SUNY Oneonta?
Ford Motor Co. buys new auto-making robots. This is counted in the GDP under this category of spending.
What is Investment Spending?
Printing an excessive amount of money will lead to this type of inflation. Also, name the country that faced this after WW1
What is Hyperinflation? Where is Germany?
Who is hurt by International Trade?
Import competing firms (Auto-industry)
Discouraged workers, underemployed, Phantom unemployment are all considered part of this category
What are the "Pitfalls" of measuring unemployment?
Mr. Carr played these 3 sports in High School
What is Baseball, Basketball, Football?
We count only the final retail price of a new good or service in GDP. Why?
To prevent DOUBLE COUNTING
Suppose a simplified market basket for a student includes the following items:
● 10 toy trucks ($5 each)
● 5 concert tickets ($20 each)
● 20 PB & J's ( $2 each)
Take me through the process of calculating the cost of the market basket of this year.
10 x 5= 50
5 x 20 =100
20 x 2= 40
= 190
Explain Comparative Advantage in trade
Producing something at a LOWER cost than the other country
Johnny lost his job at Pizza land because they brought in an innovative robot to make the pizza instead.
What is Structural Unemployment?
Mr. Carr is starring in Season 5 of this hit Netflix series
What is Outer Banks?