What does GDP stand for?

GDP, Unemployment, and Inflation Econ Review

Flashcard
•
Social Studies
•
9th Grade
•
Hard
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50 questions
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1.
FLASHCARD QUESTION
Front
Back
Gross Domestic Product
2.
FLASHCARD QUESTION
Front
All of the following are “natural” types/causes of unemployment EXCEPT: Structural, Frictional, Seasonal, Cyclical
Back
Cyclical
3.
FLASHCARD QUESTION
Front
What should the “normal” or “acceptable” inflation rate be?
Back
2-3%.
4.
FLASHCARD QUESTION
Front
What does GDP measure?
Back
The strength and growth of our economy
5.
FLASHCARD QUESTION
Front
What should the “normal” or “acceptable” unemployment rate be?
Back
3-5%
6.
FLASHCARD QUESTION
Front
What might someone say if they think minimum wage is a good thing?
Back
Minimum wage allows low-income workers to make enough money to survive.
7.
FLASHCARD QUESTION
Front
What might someone say if they think minimum wage is a bad thing?
Back
Minimum wage can lead to employers firing employees to cut costs.
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