GDP/Unemployment/Inflation Review

Front

What is the best measure of a nation's standard of living?

Back

real GDP per capita

Front

Real GDP

Back

expresses GDP in constant prices

Front

Which is the following is included in GDP? Options: an intermediate good, a service produced and used in another country, a fish that you catch and eat yourself, a fish that you buy at a store

Back

a fish that you buy at a store

Front

When a farm worker loses his job after the harvest, it is an example of

Back

Seasonal unemployment

Front

Which statement describes full employment? Options: Everybody who wants a job has a job, There is no unemployment at all, There is no cyclical unemployment, There is no structural unemployment

Back

There is no cyclical unemployment

Front

A general increase in prices is called

Back

inflation

Front

People who underemployed

Back

work part time or at jobs that are below their skills

Front

The inflation rate is

Back

the percentage change in prices over time

Front

Inflation reduced people's purchasing power because

Back

the same amount of money buys fewer goods and services

Front

Is this counted in the GDP of the US? The federal government purchases a new submarine for the US Navy.

Back

Yes