Unit 2 Review

Front

Dollar value of all final goods and services produced within a country's national borders in a year

Back

Gross Domestic Product

Front

GDP adjusted to remove the distortion of inflation

Back

Real GDP

Front

Systematic upturns and downturns of real GDP

Back

business cycles

Front

Point in the business cycle when real GDP stops decreasing

Back

trough

Front

Point in the business cycle when real GDP stops increasing

Back

peak

Front

Period during which real GDP declines for two quarters in a row, or six consecutive months

Back

recession

Front

An increase in the general price level

Back

Inflation

Front

Number of unemployed persons divided by the total number of persons in the civilian labor force

Back

unemployment rate

Front

What is it called when almost everyone has a job, with 5% or less unemployment? Options: unemployment rate, structural unemployment, cyclical unemployment

Back

full unemployment

Front

Tax structure that takes larger percentage of income from lower income groups

Back

Regressive