Economic Indicators Flashcard

Front

What does Gross Domestic Product (GDP) measure?

Back

The total market value of all final goods and services produced within a country in a given time period.

Front

Which of the following is used to measure inflation? Unemployment Rate, Consumer Price Index (CPI), Business Cycle, Gross Domestic Product (GDP)

Back

Consumer Price Index (CPI)

Front

The unemployment rate measures:

Back

The percentage of the population actively looking for a job

Front

Which of the following is the most accurate measure of a nation's real economic growth? Nominal GDP, GDP Deflator, Real GDP, Consumer Price Index (CPI)

Back

Real GDP

Front

Which type of unemployment occurs when workers are temporarily without a job while transitioning between positions?

Back

Frictional Unemployment

Front

Which of the following is a potential cause of inflation? An increase in the supply of money, A decrease in consumer demand, A reduction in government spending, A rise in unemployment rates

Back

An increase in the supply of money

Front

What is a likely consequence of high unemployment in an economy?

Back

Reduced productivity and lower consumer spending

Front

During which phase of the business cycle does the economy experience the highest levels of production and employment?

Back

Peak

Front

What typically happens to GDP and unemployment rates during a recession?

Back

GDP decreases, and unemployment increases

Front

Which of the following economic indicators typically rises during an economic expansion? Unemployment rate, Inflation rate, Consumer confidence, Consumer Price Index (CPI)

Back

Inflation rate