GDP, Unemployment, and Inflation Econ Review

GDP, Unemployment, and Inflation Econ Review

Assessment

Flashcard

Social Studies

9th Grade

Hard

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50 questions

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1.

FLASHCARD QUESTION

Front

What does GDP stand for?

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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