KEI, BC

Front

Which of the following is not a macroeconomic goal? low unemployment, inflation, price level stability

Back

inflation

Front

The business cycle is made up of how many phases?

Back

4

Front

GDP declines during a(an)

Back

contraction

Front

Economic recovery begins-

Back

at the end of a recession (trough)

Front

Which phase of the business cycle is characterized by high levels of economic activity?

Back

Peak

Front

In economics, what is inflation?

Back

A sustained increase in the average level of prices

Front

Unemployment is?

Back

Workers that are actively looking for a job but aren’t working.

Front

Temporary unemployment or being between jobs. Individuals are qualified workers with transferable skills.

Back

Frictional unemployment

Front

Changes in the labor force make some skills obsolete. These workers DO NOT have transferable skills and these jobs will never come back. Workers must learn new skills to get a job. What type of unemployment is this?

Back

Structural Unemployment

Front

Unemployment caused by a recession. As demand for goods and services falls, demand for labor falls and workers are laid off. This is sometimes called “demand deficient unemployment.”

Back

Cyclical Unemployment