Unit 3

Real GDP has been adjusted for inflation

• True

• False

Which economic indicator measures inflation by looking at a "basket" of average prices of consumer goods and services

• CPI (Consumer Price Index)

• Real GDP

• Nominal GDP

• Unemployment rate

GDP per capita shows

• How much economic production can be attributed to each family in a country

• How much economic production can be attributed to each industry in a country

• How much economic production can be attributed to each individual in a country

• How much economic production can be attributed to each state

If GDP is decreasing and the unemployment rate is increasing, the economy is

• An expansion

• A peak

• A trough

• A recession

Inflation is

• The general rise in prices of all goods and services produced in the economy

• The general drop in prices of all goods and services produced in the economy

• The general rise in prices of a few goods and services produced in the economy

• The general drop in prices of a few goods and services produced in the economy

Which is NOT an example of seasonal unemployment?

• A lifeguard at an outdoor pool losing their job in the fall

• A halloween costume store employee losing their job in November

• A shoe store manager loses their job after missing too many shifts

• A mall Santa Clause losing their job in January