GDP+ Unemployment Types Practice Grade

Front

What does GDP stand for?

Back

Gross Domestic Product

Front

What is the formula for calculating GDP?

Back

GDP=C+I=NX+G

Front

True or False: Imports add to GDP

Back

False

Front

If GDP is increasing ___________________________

Back

then unemployment is decreasing

Front

What type of unemployment was Timmy experiencing after losing his job but quickly finding a new one? Options: Seasonal, Structural, Frictional, Technological

Back

Frictional

Front

What type of unemployment does Jane experience when she loses her job as a live guard at the end of summer?

Back

Seasonal

Front

Todd used to work in a coal mine. Unfortunately for him the owners decided to relocate the company to China. What type of unemployment is this?

Back

Structural

Front

Phillip used to deliver pizzas however, a robot was invented which can do his job instead. What type of unemployment is this?

Back

Technological

Front

What type of unemployment occurs when the economy is in a recession and millions are out of work, causing people to lose their jobs?

Back

Cyclical

Front

On the Business Cycle if an economy is going into an expansion what is happening?

Back

Unemployment is going down, and GDP is going up.