Review Economics Final Exam

Front

Steady economic growth is measured by: inflation rate, unemployment rate, Real GDP growth rate

Back

Real GDP growth rate

Front

An increase in the price level in an economy over time

Back

inflation

Front

A decrease in the overall price level; this is not very common in the U.S

Back

deflation

Front

__________ unemployment is caused by a downturn in overall economic activity; as the economy recovers, the jobs will return.

Back

cyclical

Front

__________ unemployment results from workers moving between jobs or waiting for jobs to start.

Back

frictional

Front

__________ unemployment results from a mismatch of the labor supply and the labor market. Workers don’t have the right skills or are located in the wrong place.

Back

structural

Front

__________ unemployment is related to the irregular demand for some types of workers.

Back

seasonal

Front

The highest point in the business cycle

Back

peak

Front

The lowest point in the business cycle

Back

trough

Front

The period of a business cycle when real GDP is falling

Back

recession or contraction