Macro SSEMA 1 GDP

Front

When GDP is adjusted for changes in the cost of living, so more accurate year to year price comparisons can be made, it is referred to as:

Back

Real GDP

Front

The formula for GDP is

Back

C+I+G+(X-M)

Front

When the economy is working properly, what is the natural (full employment) unemployment rate? Options: 0 to 3 percent, 4 to 6 percent, 8 to 10 percent, 10 - 12 percent

Back

4 to 6 percent

Front

What is GDP per capita?

Back

GDP divided by the population

Front

Unemployment occurs when

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Someone is able and willing to work but can't find a job

Front

What type of GDP is calculated with the current year's prices?

Back

Nominal GDP

Front

The study of the economy as a whole and how major sectors of the economy interact.

Back

Macroeconomics

Front

All final goods and services that make up GDP can be expressed in the form:

Back

GDP = C + I + G + (X - M).

Front

A good way to measure standard of living is by calculating

Back

per capita GDP

Front

According to the passage, which macroeconomic goal is being described?

Back

Full employment