GDP+ Unemployment Types Practice Grade

What does GDP standard for

• Gross Domestic Product

• General Development Principle

• Gross Departmental Product

What is the formula for calculating GDP

• GDP=C+I=NX+G

• GDP=G+P/D

• GDP=NX-G+P

• GDP=NX-G

True or False: Imports add to GDP

• True

• False

If GDP is increasing ___________________________

• then unemployment is also increasing

• then unemployment is decreasing

Timmy lost his job fortunately for Timmy, he went to college and has the skills necessary, he is able to find a new job within a few days. What type of unemployment was this?

• Seasonal

• Structural

• Frictional

• Technological

Jane was employed as a live guard but when summer ends she looses that job. What type of unemployment is this?

• Technological

• Seasonal

• Cyclical

• Frictional

Todd used to work in a coal mine. Unfortunately for him the owners decided to relocate the company to China. What type of unemployment is this?

• Cyclical

• Technological

• Seasonal

• Structural

Phillip used to deliver pizzas however, a robot was invented which can do his job instead. What type of unemployment is this?

• Technological

• Seasonal

• Frictional

• Cyclical

The economy is in a recession millions are out of work. People who lost their job don't spend as much as they used to which is causing other people to loose their jobs. What type of unemployment is this?

• Structural

• Seasonal

• Cyclical

• Frictional

On the Business Cycle if an economy is going into an expansion what is happening?

• Unemployment is going down, and GDP is going up.

• Unemployment is going down, and GDP is going down.

• Unemployment is going up, and GDP is going up.

• Unemployment is going up, and GDP is going down.