Gross Domestic Product
Measuring Growth
Measuring Employment
Business Cycle
Miscellaneous
100

What are the four components of GDP?

Consumption

Investment

Government Expenditures

Net Exports

100

What is the difference between Real GDP and Nominal GDP?

Real GDP is adjusted for inflation.

100

What are the three types of employment status?

Employed

Unemployed

Not Looking

100

What is the name of the phase when GDP/business is increasing?

Expansionary (Recovery) Phase

100

Which NBA team currently has a league-best record of 44-10?

Phoenix Suns

200

What kinds of things are NOT included in GDP?

Intermediate goods, personal investments, transfer payments, happiness, fears, cleanliness, pollution, free stuff, more.

200

What is the equation for Real GDP?

Real GDP = (Nominal GDP)(100)/(Price Index)

200

What are the three types of unemployment?

Frictional

Structural

Cyclical

200

What is the name of the phase when GDP/business is shrinking?

Contractionary (Recession) Phase

200

What movie earned the most revenue at the Domestic Box-Office this past weekend (February 4-6)?

jackass forever ($23.2 million)

300

GDP or no?

A barber’s income from cutting hair.

Yes, consumption.

300

What is the equation for percentage growth?

Growth = (New - Old)/(Old) x 100

300

Is everyone without a job unemployed?

No, they must be without a job and looking/want a job to be unemployed.

300

What is one negative side effect of the Expansionary Phase?

Increased inflation

300

Name the women's or the men's winner of the 2022 Australian Open (tennis).

Women's: Ashleigh Barty (Australia)

Men's: Rafael Nadal (Spain)

400

Why do we only count the final retail price of a new good or service in GDP?

GDP would get too large if we counted everything. May encourage unethical inflation of GDP values.

400

What does "per capita" mean?

Per person or divide by the population

400

Which type(s) of unemployment are part of the Natural Rate of Unemployment?

Frictional and Structural

400

What typically happens to the Unemployment Rate during the Contractionary Phase?

Unemployment typically rises.

400

Scientists recently discovered that mosquitoes are particularly attracted to what color?

Red

500

GDP or no?

The government makes a $300 Social Security payment to a retired person.

No, transfer payment.

500

How is the Consumer Price Index calculated?

The price of a market basket of goods is monitored from year to year.

500

What is the difference between the Unemployment Rate and the Labor Force Participation Rate?

UR: ratio of those looking for jobs to the total labor force.

LFPR: ratio of the total labor force to the total adult population (16+)

500

What is a Depression?

If the contractionary phase causes the level of output to fall to especially low levels and unemployment to climb to very high levels relative to the historical average.

500

What is the name of the stadium hosting the Super Bowl this Sunday?

SoFi Stadium (Los Angeles/Inglewood)