Economic Indicators Quest

A price index determined by measuring the price of a standard group of goods meant to represent the market basket of a typical urban consumer.

• Gross Domestic Product

• Consumer Price Index

• Unemployment

• Inflation

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

What is the best measure of a nation's standard of living?

• real GDP per capita

• population growth

• savings

• national income

When a farm worker loses his job after the harvest, it is an example of

• Frictional unemployment

• Seasonal unemployment

• structural unemployment

• cyclical unemployment

A general increase in prices is called

• inflation

• purchasing power

• the CPI

• a price index

People who underemployed

• no longer look for work

• work part time or at jobs that are below their skills

• are the same as unemployed workers

• experience only frictional employment

The inflation rate is

• the ability to buy goods or services

• measured in fixed dollars

• not an important measure to economists

• the percentage change in prices over time

Is this counted in the GDP of the US?

The federal government purchases a new submarine for the US Navy.

• Yes

• No