GDP
What is GDP?
The measure of the value added created through the production of final goods and services
What is Inflation?
General increase in the price of goods and services over time, which reduces the value of money and purchasing power.
Who counts in the working age population?
Number of peoples aged 16+
What is the Beige Book?
Open-ended answer
What are two ways to calculate GDP?
Expenditure Approach, Income Approach
What approach do we use to calculate CPI?
Market Basket Approach
People who have worked at least 1 hour in the past two weeks
What's black and white and read all over
What are the 5 components of GDP?
What is the equation for the Inflation Rate?
(New CPI - Old CPI) / (Old CPI) x 100*
People not classified as employed but available to work and have submitted a job application in the last 4 weeks
Rank these in order from best to worst: Beta, Sigma, Alpha, Sudjian
Sudjian >>>>>>>>>
What is one limitation of GDP? (What is not counted)
Open-ended answer
(Current Year Market Basket / Base Year Market Basket) x 100
Who else does not count in unemployment numbers?
Military
Retired People
Full-Time Students
Homemakers
People who do not want to work
What did the egg say to the pan?
Om-lette
Is this counted in GDP: An American tech company builds a new data center in California using servers purchased from a domestic supplier.
Year 2009 CPI: 120
Year 2010 CPI: 135
If 2009 is the base year, what is the inflation rate in 2010?
12.5%
What is the unemployment rate equation?
(Number of people Unemployed / Civilian Labor Force) x 100
*Insert your favorite brain rot quote for 1000 points of extra credit*
Open-ended