GDP, Unemployment, inflation, Fiscal Policy Review

Front

Is the trade in exotic animals being illegally sold as pets included in GDP?

Back

No - Underground Economy

Front

Aly spends $400 on used textbooks at the beginning of the semester in college.  Is this included in the GDP?

Back

NO

Front

GDP is calculated by adding consumption + investment + government spending + (exports sold - imports bought)

Back

adding consumption + investment + government spending + (exports sold - imports bought)

Front

The largest sector of the macroeconomy is the 

Back

Consumer Sector

Front

What is the difference between Nominal and Real GDP?

Back

Real GDP is adjusted for inflation, nominal is not.

Front

Mike is a fifty-five year old father of two who has been working part-time while raising his kids. He has been looking for full time work without success for over a year. What is his employment status?

Back

Employed

Front

Seth is laid off from work because he is a life guard at the local water park. He is experiencing what kind of unemployment?

Back

Seasonal

Front

Dean graduated from college in May, but in July had still not found employment. Dean is experiencing...

Back

frictional unemployment

Front

Jeff was replaced by a computer. He is experiencing what type of unemployment?

Back

Structural

Front

If CPI goes from 100 to 300 and your salary goes from $100,000 to $200,000, what happened to your purchasing power?

Back

Decrease