unit 3 review

Front

What is the difference between real GDP and GDP?

Back

real GDP is adjusted for price changes

Front

Which of the following is NOT a type of unemployment? Cyclical, Frictional, Seasonal, Temporary

Back

Temporary

Front

Who is considered part of the labor force? A retiree, A stay at home mom, A 14 year old working for his parents, A seasonal worker

Back

A seasonal worker

Front

Why do we care about economic growth?

Back

Improves standard of living

Front

What does GDP measure?

Back

Economic growth

Front

Define cyclical unemployment

Back

Caused by an economic downturn

Front

Define seasonal employment

Back

Only works part of the year

Front

If I get laid off due to a recession, it is

Back

Cyclical unemployment

Front

If I quit my job to look for a better one, it is

Back

Frictional unemployment

Front

If I work at a factory and I get replaced by a robot

Back

Structural unemployment