The Fast & the Curious: GDP Edition

Front

Which of the following is NOT a cause of inflation: higher resources costs, aggregate demand increasing faster than productive capacity, unemployment?

Back

unemployment

Front

Which is the formula to determine Gross Domestic Product?

Back

Consumption + Investment + Government Expenditures + Net exports/imports

Front

GDP does not include

Back

sales of used cars

Front

During a recession, GDP does what?

Back

decreases for at least two quarters

Front

During an expansion which is true? High unemployment, deflation, lower unemployment, GDP is stable

Back

lower unemployment

Front

Which of the following statements would be classified as “full employment”?
Options:
Approximately 95% of people have a job
People who have been hunting for a job for a long time
Everyone who wants to work have full time jobs

Back

Approximately 95% of people have a job

Front

This type of inflation results from consumers wanting more products than are produced.

Back

Demand pull inflation

Front

What do you call a worker who takes a lower skilled job to which they are overqualified because he/she/they cannot get another job?

Back

Underemployed worker

Front

GDP, or gross domestic product, measures...

Back

the value of all final goods and services produced

Front

Inflation measures...

Back

an increase in the general price level