Unit 3 Economics Review

Front

The Consumer Price Index (CPI) is most often used to measure

Back

Inflation

Front

Bob loses his job at the Ford plant because the economy is in a contraction. He is:

Back

Cyclically unemployed

Front

Jane loses her job because a new type of software and hardware has been developed that does her job for her. What type of unemployment does this represent?

Back

Structurally Unemployed

Front

Danny is quitting his job in California and moving to Texas to find a better job. He is

Back

Frictionally Unemployed

Front

__________ items are common products that consumers buy in a month.(used for CPI)

Back

market basket

Front

To be considered unemployed, a person must be...

Back

out of work, looking for a job, and at least 16 years old

Front

The overall level of prices rising in the economy is called

Back

Inflation

Front

The market value of all final goods and services produced within a country during a given time period is

Back

GDP

Front

All consumers experience decreased purchasing power as a result of what? (Options: Inflation, Expansion, Recession, Unemployment)

Back

Inflation

Front

Bill decides to quit his job to find a higher paying one. What type of unemployment is this? Options: cyclical, frictional, seasonal, structural

Back

frictional