macroeconomic indicators

A general increase in prices is known as

• Deflation
• Inflation
• Stagflation
• Depression

In a typical business cycle model, which stage immediately follows a trough?

• Contraction
• Peak
• Recession
• Expansion

What is happening to the economy in a period of economic contraction?

• Real GDP is rising and unemployment is falling.
• Real GDP is rising and unemployment is rising.
• Real GDP is falling and unemployment is rising.
• Real GDP is falling and unemployment is falling.
  

A contraction of the business cycle that lasts for 6 or more months (2 quarters) is called a 

• recession
• depression
• expansion
• stagflation

Corah takes a job selling cars.  In six months she is laid off due to a slowing economy and poor car sales.  What type of unemployment is Corah experiencing?

• Cyclical
• Structural
• Frictional
• Seasonal

How does nominal GDP differ from Real GDP?

• Real GDP does not reflect economic growth.
• Real GDP is adjusted for inflation because it is expressed in base year prices.

Who would benefit from inflation?

• Jayda, a businesswoman whose costs are rising.
• Emily, who took out a loan at a low fixed-interest rate.
  
• Trenton, who has a fixed, contracted salary with no COLA.
• Michael, a banker who has extended many fixed rate loans.

 Amount of goods purchased at all possible price levels

• Aggregate supply
• Aggregate demand
• Price level
• Production possibilities

To determine whether a country is meeting the  goal of economic growth, economists use

• Consumer Price Index
• Producer Price Index
• Real GDP
• Nominal GDP

Logan loses his job cooking pizza when a robot can do it faster and at a lower expense.  Which type of unemployment is he experiencing?

• Cyclical
• Structural
• Frictional
• Seasonal