Unit 3 Macroeconomic Review

The total value of all final goods and services produced in a country in a given year.

• Gross Domestic Product

• Consumer Price Index

• Inflation

• Unemployment

Type of unemployment that occurs as a result of harvest schedules, vacations, or when industries make seasonal shifts in their production schedules.

• Seasonal Unemployment

• Structural Unemployment

• Frictional Uneployment

• Cyclical Unmeployment

Type of unemployment that occurs when workers skills do not match those needed for the jobs available.

• Seasonal Unemployment

• Structural Unemployment

• Frictional Unemployment

• Cyclical Unemployment

Type of unemployment that occurs when people take time to find a job.

• Seasonal Unemployment

• Structural Unemployment

• Frictional Unemployment

• Cyclical Unemployment

Unemployment that rises during economic downturns and falls when the economy improves.

• Seasonal Unemployment

• Structural Unemployment

• Frictional Unemployment

• Cyclical Unemployment

A period of macroeconomic expansion or growth, followed by a period of contraction, or decline.

• Business Cycle

• Circular Flow

• Equilibrium

• GDP

The use of government spending and revenue collection to influence the economy.

• Monetary Policy

• Fiscal Policy

• Congressional Policy

• Executive Policy

Gross domestic product after adjustments for inflation is known as

• Real GDP

• GDP Per Capita

• National GDP

• Current GDP

Which letter on the graph represents a contraction in the business cycle?

• W

• X

• Y

• Z

Which letter on the graph represents a trough in the business cycle?

• W

• X

• Y

• Z