Macro Powerpoint

Multiple Choice

Which of the following is NOT typically used as an economic indicator to measure a nation's economic activity?

• Gross Domestic Product (GDP)

• Consumer Price Index (CPI)

• Unemployment Rate

• National Anthem

Open Ended

Why is it important for a country to measure its economic activity using indicators such as GDP, inflation, and unemployment?

Multiple Choice

Which of the following is NOT a way economic performance is measured according to the slides?

• Gross Domestic Product (GDP)

• Unemployment Rate

• Price Stability (Inflation Rate)

• Interest Rate

Multiple Choice

GDP is an important economic measurement because it

• provides valuable data on unemployment rates.

• provides valuable data on inflation rates.

• measures the value of final goods and services produced by a country.

• measures only the exports of a country

Multiple Choice

The Nation of Nardrupia has a very high GDP. If that is the case, which of the following concerning life in the country is true?

• People have a great standard of living.

• Everyone in the country is wealthy.

• The country has a market economy.

• A high GDP tells you nothing about life in the country.

Multiple Choice

What does GDP stand for?

• General Domestic Product

• Gross Domestic Product

• Governmental Domestic Product

• Gross Domestic Performance

Fill in the Blank

Fill in the blank: GDP does not include things made by American companies outside our ___ .

Multiple Select

Which components are included in the expenditure method of determining GDP? Select all that apply.

• Consumption spending

• Investment spending

• Government spending

• Transfer payments

Open Ended

Explain the difference between final goods and intermediate goods, and why only final goods are counted in GDP.

Multiple Choice

Which of the following best describes the difference between Nominal GDP and Real GDP?

• Nominal GDP is measured in constant prices, while Real GDP is measured in current prices.

• Nominal GDP is adjusted for inflation, while Real GDP is not.

• Nominal GDP is measured in current year’s prices, while Real GDP is measured in constant or unchanging prices.

• Nominal GDP is always higher than Real GDP.

Multiple Choice

Based on the graph of Nominal and Real GDP in Germany from 1991 to 2010, what can you infer about the impact of inflation on GDP measurements over time?

• Inflation causes Real GDP to be higher than Nominal GDP.

• Inflation has no impact on GDP measurements.

• Nominal GDP increases more rapidly than Real GDP due to inflation.

• Real GDP and Nominal GDP always remain equal.

Dropdown

During which phase of the business cycle do industries increase the amount they produce? ​

Select answer

Multiple Choice

The business cycle--

• measures monthly changes in GDP.

• captures fluctuations in interest rates over the year.

• can be defined as the expansions and contractions (recessions) over time

• measures year over year changes in unemployment.

Multiple Choice

Which of the following is a measure of the total economic output of a country?

• Unemployment Rate

• Inflation Rate

• Gross Domestic Product (GDP)

• Consumer Price Index (CPI)

Multiple Choice

What does GDP stand for?

• Gross Domestic Product

• General Domestic Product

• Gross Development Product

• General Development Product

Open Ended

Describe the relationship between Real GDP and the business cycle, using information from the slides.

Fill in the Blank

During a contraction phase in the business cycle, real GDP ___ and unemployment ___.

Multiple Select

Which of the following are phases of the business cycle?

• Expansion

• Peak

• Inflation

• Trough

Multiple Choice

Which of the following best describes a leading indicator in economics?

• An indicator that shows what is going to happen in the economy, such as stock market trends.

• An indicator that changes at the same time as the business cycle, such as production rates.

• An indicator that lags behind changes, such as average length of unemployment.

• An indicator compiled by the US Department of Commerce.

Fill in the Blank

The term used to describe a period of steady, long term increase in real GDP is ___.

Open Ended

Explain the difference between recession and depression as described in the context of business cycles.

Multiple Choice

Which of the following factors can cause GDP to increase during an expanding economy?

• Business investment in new plants and equipment

• High interest rates

• Negative consumer expectations

• Natural disasters

Fill in the Blank

According to the definition provided, a person who worked less than one hour for pay or profit during the most recent survey week is considered ___ .

Match

Match the following type of unemployment.

• When people are fired, laid off, or quit, there is an inevitable period of time in which they must look for a job.

• Occurs when there is a surplus of laborers in a particular job market because the wage rate is too high.

• These are changes in the unemployment rate caused by fluctuations in the business cycle.

• Refers to workers who have short-term jobs based on the season.

Frictional

Structural

Cyclical

Seasonal

• Frictional

• Structural

• Cyclical

• Seasonal

Drag and Drop

Placeholder

​

Drag these tiles and drop them in the correct blank above

is considered part of the labor force

Is not considered part of hte labor force

Multiple Choice

A worker who leaves their job at an eye doctor's office, but hasn't started their new job at a school. What type of unemployment are they categorized in?

• Frictional

• Structural

• Seasonal

• Cyclical

Multiple Choice

You have just graduated from high school and are applying for various jobs in your local area. You would be under what category of unemployment?

• Frictional

• Structural

• Seasonal

• Cyclical

Multiple Choice

Your summer job at Bahama Bucks has come to an end due to school starting in August. You would be under what category of unemployment?

• Frictional

• Structural

• Seasonal

• Cyclical

Multiple Choice

a student who just graduated from college and is waiting to start their new job is...

• frictionally unemployed

• structurally unemployed

• technologically unemployed

• cyclically unemployed

• seasonally unemployed

Dropdown

Our collective federal student loan debt in the United States is ​

Select answer

trillion dollars.

Match

Match the following types of inflation to their example/explanation

• Demand-Pull Inflation

• Cost-push

• Hyperinflation

• Deflation

More people buying, signals economic growth

Resources are more expensive, slows the economy down

TOO MUCH CASH!! Disastrous for an economy

Not technically inflation, just a lowering of prices.

• More people buying, signals economic growth

• Resources are more expensive, slows the economy down

• TOO MUCH CASH!! Disastrous for an economy

• Not technically inflation, just a lowering of prices.

Multiple Choice

Inflation has (slowly) over time affected this coffee. What happened?

• The coffee got less expensive.

• There is more coffee now.

• There is less coffee now.

• The price of coffee has gone up.

Multiple Choice

Inflation happened to this burger. How did inflation affect it?

• The cheeseburger got cheaper.

• The Cheeseburger got more expensive.

• The cheeseburger got smaller.

Multiple Choice

35 year old project manager who was let go because his employer went bankrupt. He's applied for several similar jobs but hasn't heard back as of yet.

• Employed

• Unemployed

• Not in the Labor Force

• Not Applicable / Not Counted

Hotspot

Which of these images would result in an INCREASE in inflation?

Multiple Choice

Which of the following best describes the difference between national debt and government deficits?

• National debt is the total amount owed by the government over time, while government deficits refer to the shortfall in a single year's budget.

• National debt and government deficits are the same thing.

• Government deficits are always larger than national debt.

• National debt only includes money owed to foreign countries.

Open Ended

Reflecting on today's lesson about economic indicators, what is one concept you would like to understand better or have questions about?