Economic Indicators Flashcard

Front

Why are intermediate products, second hand sales, and non-market transactions excluded from the GDP?

Back

because they are not new production/service sales in a nation

Front

Which of the following are NOT true about the Unemployment Rate? many households are surveyed to figure this rate, is a percentage of the labor force that is looking for a job, is figured out every month, includes stay at home moms, retired people and others that could have a job

Back

includes stay at home moms, retired people and others that could have a job

Front

Why is the GDP Per Capita a good figure to look at?

Back

because it allows for a more accurate comparison of living standards between different nations

Front

What is the definition of Current GDP?

Back

The dollar value of products/services produced within a country's border in a year and NOT adjusted for inflation.

Front

GDP per Capita is defined as:

Back

The average dollar value of products/services per person of a nation

Front

Which of the following is NOT an influence on the business cycle? External shocks, Speculation and "Bubbles", Fiscal policy of the government, Net national income

Back

Net national income

Front

What phase of the business cycle did we experience in 2021Q4?

Back

Peak

Front

What phase of the business cycle did we experience in 2021Q3?

Back

Expansion

Front

What phase of the business cycle did we experience in 2022Q1?

Back

Contraction

Front

Why are population projection tools useful in making economic decisions?

Back

because they allow businesses and the different levels of govt to calculate production and infrastructure needs