Unit 3 Review (GDP, Unemployment, CPI, and Inflation)

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Social Studies
•
10th - 12th Grade
•
Hard
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12 questions
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1.
FLASHCARD QUESTION
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
2.
FLASHCARD QUESTION
Front
The difference between real and nominal GDP is that real GDP is adjusted for
Back
inflation
3.
FLASHCARD QUESTION
Front
Which type of unemployment did Keith experience after losing his job at his company’s telephone switchboard when the company installed an automated phone system?
Back
structural
4.
FLASHCARD QUESTION
Front
Why is the unemployment rate above zero when the economy reaches full employment?
Back
There are always some people in transition between jobs.
5.
FLASHCARD QUESTION
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.
6.
FLASHCARD QUESTION
Front
Which condition is considered normal in the United States? Options: deflation, stagflation, hyperinflation, creeping inflation
Back
creeping inflation
7.
FLASHCARD QUESTION
Front
One cause of inflation is
Back
a rise in the cost of production.
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