EPF U4 Quiz: GDP, Business Cycles, and Unemployment

full employment, stable prices, economic growth

6% inflation, 10% unemployment, slow economic growth

Everyone employed, control inflation, flat economic growth

Promote economic growth, full unemployment, limit inflation

GDP = C + M + I + G

GDP = C + I + G + (X-M)

GDP = L + I + O + N

GDP = Nx + Mx + C + M

Imports divided by exports

Exports minus Imports

Imports minus Exports

Exports divided by imports

Employment Rate

Population Control

Gross Domestic Product

Consumer Price Index

Items purchased at a grocery store

Items imported from another Nation

Services rendered for payment

Government payouts for goods and services

Expansion - Peak - Sloth - Plummet

Expansion - Retraction - Infraction - Sublaction

Expansion - Peak - Recession - Trough

Infraction - Trough - Recession - Peak

Expansion

Peak

Recession

Trough

Expansion

Peak

Contraction

Trough

Be actively searching for a job

Be of a working age

Be able to work

All options are true

Structural (Technological Unemployment)

Structural Unemployment

Institutional Unemployment

Frictional Unemployment