stuff for Unit 3, Test #1

This is a

• goods and services flow chart

• Circular Flow Chart

• business Cycle

• factors of production

This economic model is called:

• The business cycle

• Supply & demand

• Production Possibilities Curve

• Circular Flow Model

I can describe the goals of every economy.

• Yes, of course, there are three

• No, I need to study and learn the three

I can define and calculate GDP and the output expenditure model.

• Yes... easy

• No, I need to look up this answer.

I can define:

Unemployment Rate, consumer price index, inflation. real gdp, aggregate supply and aggregate demand.

• Yes. That is easy

• No. I have some work to do...

How is CPI, GDP, and Unemployment used to evaluate the health of the economy?

• we use these in conjunction with the Business cycle to determine the health of the economy.

• When CPI is high, GDP is high and unemployment is low, it is all Good.

• When CPI is low, GDP is low and unemployment is high the economy is in bad shape.

• I have no idea what these mean and I need to study.

I cand identify and define seasonal, structural, cyclical and frictional unemployment.

• Yep

• Nope

I can identify, define and illustrate the stages of the Business Cycle.

• Obvious, I got the question correct today on the quiz!

• 
• Nope, I drew a supply and demand curve

• Nope, I drew the circular Flow diagram

If CPI last year was 177 and the CPI this year is 186, what is the rate of inflation?

• 8%
• 5%
• 6%

Who is most likely to be hurt by inflation?

• someone who borrowed money
• a retiree on a fixed income
• The US Government