Unit 3a Summative Review

Which is missing part of the definition for GDP?

The market value of _____ produced within a country in a certain period of time.

• All manufactured goods

• All intermediate goods & services

• Everything purchased

• All final goods & services

What is they key element of the definition for unemployment?

• You must've been unemployed for over a week.
• You can't have been fired from your job.
• It can be either a part-time or full-time job you left.
• You must be out of work and looking for another job.

If a nation's GDP is dropping and unemployment rate is rising, which stage is this nation most likely at?

• A

• B

• C

• D

Macroeconomics is the study of

• Big economic theories
• An entire economy
• Supply & demand
• The opportunity cost of everything

Which type of unemployment is this:  Jon left his job in GA because he is moving to be closer to family in MO. 

• cyclical
• frictional
• structural
• not unemployed

Which type of unemployment is this:  Danielle wants a higher salary and is beginning to think about leaving her current job and looking for another. 

• cyclical
• frictional
• structural
• not unemployed

Which type of unemployment is this:  Stephen has been desparately trying to find a job, but because of the stock market crash no one is hiring.

• cyclical
• frictional
• structural
• not unemployed

What stage is an economy experiencing at letter B?

• trough
• growth
• expansion
• contraction

When GDP is adjusted for changes in the cost of living, so more accurate year to year price comparisons can made, it is referred to as:

• Aggregate Supply
• Nominal GDP
• Aggregate Demand
• Real GDP

When Alison, a college math professor, leaves her job at a small rural college and starts looking for a job at large urban university, she is

• Structurally unemployed
• Cyclical unemployed
• Season unemployed
• Frictional unemployed