Economics in 'Back to the Future'

What are the three main goals of an economy?

• Innovation, low inflation, and high exports

• High GDP, low taxes, and high employment

• Stable currency, high savings, and low imports

• Growth, low unemployment, and stable prices

What was the GDP growth rate in the US during 1955?

• 3%

• 4%

• 10%

• 7%

How much did the nominal GDP grow from 1955 to 1985?

• It remained the same

• It grew ten times

• It tripled

• It doubled

What was the nominal GDP of the US in 1985?

• 7.7 trillion dollars

• 1.2 trillion dollars

• 4.2 trillion dollars

• 415 billion dollars

What is the natural rate of unemployment in the United States?

• 0-2%

• 2-4%

• 4-6%

• 6-8%

Which type of unemployment is caused by a recession?

• Seasonal

• Cyclical

• Structural

• Frictional

What is the term for unemployment caused by workers switching jobs?

• Frictional unemployment

• Structural unemployment

• Cyclical unemployment

• Seasonal unemployment

What was the inflation rate in 1955?

• More than 5%

• Around 2%

• Less than 1%

• About 4%

What economic condition was prevalent in the late 1970s?

• Hyperinflation

• Stagflation

• Recession

• Deflation

What was one incorrect prediction made by the movie for 2015?

• Higher inflation

• Lower unemployment

• Increased GDP

• Flying cars