WorksheetsEconomics unit 5
Total questions: 26
Worksheet time: 12mins
GDP known by the amount of money spent by consumers yearly is
Exports
Consumption
Investments
GDP is the measure of
all goods produced and all exports
the value of all intermediate goods and services
the value of all final goods and services produced in a country annually
What is the desired unemployment rate inthe United States?
4-6%
0-3%
5-8%
What is a general increase in in prices called?
Quantity theory
Consumers price Index
Inflation
An example of a durable good would be
Food
A car
Toilet paper
GDP equal what
G + X + W + Q
C + I + M + L
C + I + G + X
A period of expansion followed by a period of contraction is
the business cycle
GDP
Life cycle
When demand for goods and services exceed the supply and inflation occurs
Cost -push theory
Inflation theory
Demand-pull theory
Nominal GDP is
GDP adjsted for inflation
GDP to compare the nations economy from year to year
GDP not adjusted for inflation
Which of these is NOT part of GDP?
Consumption
Innovation
Exports
The cost-push theory says what is the reason for inflation?
Producers raise their prices to meet increased costs
Too much money is in circulation
Demands for goods and services exceeds supply
A stay at home mom not looking for a job is
unemployed
not in the workforce
underemployed
GDP per capita is
GDP per person
A nations GDP divided by the population
All of the above
If I worked for a company that made VHS tapes, and DVD, Blu Ray discs and movie streaming are more in demand, and my skills do not match what is needed so I am laid off, I am
Structurally unemployed
Not in the workforce
Seasonlly unemployed
What measures prices of specific goods over time to analyze inflation rates?
Seasonal unemployment
Inflation
Consumer Price Index (CPI)
The difference between cyclical unemployment and structural unemployment is
Cyclical unemployemnt rises and falls during expansion and contraction, structural unemployment occurs when worker skills do no match job demands
Cyclical is when a worker quits and structural is when common work is outdoor work
Structural happens when the worker quits and doesn't plan to look for a new job and cyclical is whne the workers skills do not match job demands
This states that inflation occurs when there is too much moneu in circulation
Seasonal unemployment
Real GDP
Quanitiy Theory
Real GDP is
when the gross domestic product is adjusted for inflation
when Inflation happens
when Consumer price index happens
An industry shuts down for a season and the workers are without a job
Inflation
Real GDP
Seasonal unemployment
All are examples of durable goods EXCEPT:
TV
Oven
Soap
What is the lowest point of a business cycle?
Trough
Expansion
Peak
The investment part of GDP is
the value of goods and services prodeced by consumers
the value of a nations exports
the amnount spent by businesses on productiove resources
What is NOT included in the GDP?
Used goods
Government expenses
Intermediate goods
When the economy moves from a trough to a peak is called
Contraction
Expansion
Recession
During economic expansion the nations economy is
Failing
Getting smaller
Growing
For 2 bonus points describe in at least 3 sentences what happened during the class auction.
What happened during round 1 and 2 and why did that happen?
What was this an example of?
Which theory did this illustate and why?
