Unit 4 Review: Economic Indicators

A statistic, or piece of data, that tells us how healthy/unhealthy our economy is:

• Demand Shift Factor

• Economic Indicator

• Economic System

• Market Economy

Which of the following are examples of Economic Indicators? (choose all that apply)

• GDP

• Inflation

• Gas Prices

• Unemployment

What does GDP stand for?

• Gross Domain Profit

• Grand Deer Pillows

• Great Dude Prizes

• Gross Domestic Product

Which of the following are "natural" causes of Unemployment? (Choose all that apply)

• Frictional

• Structural

• Foundational

• Cyclical

• Seasonal

What is the GDP of the following economy?

• 1000

• 37

• 125

• 180

What is the acceptable rate of unemployment?

• 10% - 15%

• < 5%

• 1% - 2%

• 7% - 12%

Which of the following would NOT cause Unemployment?

• A change in seasons.

• A mismatch between jobs available and worker skills

• A decrease in taxes.

• A person just graduated from college, and is looking for a job.

What is the "acceptable" rate of Inflation?

• 2-3%

• 3-5%

• 10-15%

• 20-23%

What is happening at point "1" in the image?

• Peak - GDP is at its highest point

• Contraction - GDP is decreasing (going down)

• Trough - GDP is at its lowest point

• Recovery - GDP is improving

• Expansion - GDP is growing past its original high point

What is happening at point "2" in the image?

• Peak - GDP is at its highest point

• Contraction - GDP is decreasing (going down)

• Trough - GDP is at its lowest point

• Recovery - GDP is improving

• Expansion - GDP is growing past its original high point