Economics Assignment 4.1 Quiz Review

Match the following terms to their correct definition.

• When a worker has a job that is below their skill set.

• Seasonal Unemployment

• Caused when workers' skills do not match the jobs that are available

• Underemployment

• When workers intentionally take time to find new employment.

• Cyclical Unemployment

• Unemployment that rises or falls due to economic conditions.

• Frictional Unemployment

• Unemployment due to schedules, seasons, or times of the year.

• Structural Unemployment

What is a general increase in price over time?

• Price

• Interest

• Inflation

• Investment

What is income distribution?

• How the nation's total income is distributed among its population.

• Allocations.

• Gross Domestic Product

• A measurement of average sale prices for goods over time.

What are the 4 categories of goods and services used to calculate GDP - Gross Domestic Product?

• Consumer, Job Growth, Government, Incentives

• Consumer, Business, GDP, Net Import/Export

• Consumer, Business, Government, Net Import/Export

• Housing, Apparel, Income, Incentives

_____________is the sum of all goods and services produced within a country for a given year.

A measurement of average sale prices for goods over time.

• Investments

• Inflation

• GDP

• Price Index.

What helps determine the value that a medium of exchange has in the economy? It it also used to help determine the cost of living in an area.