The Great Depression Review

The three most important aspects of the economy are all of the above EXCEPT:

• Price Levels (CPI)

• Output (GDP)

• Unemployment

• Growth Rate

A general downward movement of prices for goods and services in an economy.

• Inflation

• Deflation

• Influx

• Devolution

a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services

• The Nominal GDP

• The Real GDP

• Consumer Price Index

• Unemployment Rate

a very severe recession normally visible in a decline in real GDP, real income, employment, and the loss of the overall confidence in the economy

• Depression

• Super Recession

• Unimpressment

• Reconfiguration

A drop in economic growth that lasts at least six months. During a ___________, businesses sell fewer goods and services.

• Recession

• Deflation

• Inflation

• Unemployment

A general upward movement of prices for goods and services in an economy.

• Inflation

• Deflation

• Unemployment

• CPI

Real GDP is adjusted for inflation or deflation.

• True

• False

Nominal GDP is adjusted for inflation or deflation

• True

• False

This measures the percentage of the labor force who are not working or unemployed

• The Unemployment Rate

• The Consumer Price Index

• Workman's Rate

• Labor Rate

The Unemployment rate does not count part-time workers or workers who are too discouraged and are no longer looking for work.

• True

• False