Macroeconomic Measures

a depression is longer lasting and more severe

a recession last longer

depressions occur more often

there is no difference

Gross Domestic Product

The total value of all goods & services produced in a nation in 12 months.

One of the 3 macroeconomic measurements economists use to assess the condition of the economy.

All of the above.

consumption by businesses + investment by households + individual spending + imports

consumption by households + investment by businesses + gov't spending + net exports

investment by individuals + consumption by gov't + business spending + net exports

consumption by foreigners + investment by gov't + business spending + imports

Consumer Price Index & it's used to measure unemployment.

Consumer Price Index & it's used to measure inflation rate.

Consumption Price Indicator & it measures how much the average consumer buys at each price point.

Crisis Prevention Indicator & it measures when the economy is about to enter the contraction phase of the business cycle.

increase in prices

decrease in prices

increase in income

increase in GDP

Single people

People over 40

People on fixed incomes

Married people

deflation, because he's afraid of being loosing his part time job as the Wal-Mart greeter

inflation, because he's living on a fixed income and will see a decrease in his purchasing power

cyclical unemployment, because he's too old to learn new job skills

a contraction, because he doesn't want his taxes to increase

a ticket to see one of the World Series baseball games

a McDonald's value meal

a new model (2021) Ford truck

a used Chevy Impala

structural, cyclical, frictional, seasonal

seasonal, voluntary, mutual, seasonal

structural, clerical, symbolic, seasonal

contractual, hourly, salary, piece-rate

growth/recovery/

expansion

peak

contraction/

recession/

depression

trough