Unemployment, GDP, and Inflation Flashcard

Front

The market value of all final goods and services produced within a country in a given time period is the __________

Back

gross domestic product

Front

The difference between real and nominal GDP is that real GDP is adjusted for

Back

inflation

Front

Keith lost his job at his company’s telephone switchboard when the company installed an automated phone system. Which type of unemployment did Keith experience?

Back

structural

Front

Why is the unemployment rate above zero when the economy reaches full employment?

Back

There are always some people in transition between jobs.

Front

The official unemployment rate may be overstated because it ignores: workers in the illegal or informal economy who do not report their jobs.

Back

workers in the illegal or informal economy who do not report their jobs.

Front

Which condition is considered normal in the United States? Options: deflation, stagflation, hyperinflation, creeping inflation

Back

creeping inflation

Front

One cause of inflation is

Back

a rise in the cost of production.

Front

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

Back

Seasonal unemployment

Front

Is this counted in the GDP of the US? The federal government purchases a new submarine for the US Navy.

Back

Yes

Front

In which part of the GDP calculation does this fit? You spend $15 at AMC to see the latest Avengers movie.

Back

Consumer spending