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WorksheetsMeasuring the Economy
Total questions: 25
Worksheet time: 13mins
what is nominal gross domestic product (NGDP)
total money value of all final goods/services produced within a country in a year
total value of money produced within a country in a year
total value of things produced within a country in a year
what is RGDP
normal GDP adjusted for stagflation
normal GDP adjusted for recession
normal GDP adjusted for inflation
what is RGDP/captia
measures the growth of the economy
measures the standard of living
measures the population
what doesn't count in GDP
substitute goods, new goods, financial transactions, intermediate goods, illegal goods
imports goods, resold goods, financial transactions, intermediate goods, illegal goods
imports goods, new goods, financial transactions, legal goods
what is depression
long term recession
long term inflation
long term stagflation
what is recession
increase in RGDP also with more production in 6 months
increase in RGDP with less production in 6 months
decrease in RGDP also with less production in 6 months
what is inflation
general decrease in average price level of the economy
general increase in average price level of the economy
general increase in average production level of the economy
who does inflation effect
people with fixed incomes
people with incomes that vary
people unemployed
what is unemployment rate
percentage of civilian labor force retired from a job
percentage of civilian labor force seeking a job
percentage of civilian labor force with a job
what type(s) of unemployment is considered natural
cyclical and frictional
structural and cyclical
structural and frictional
who conducts Fiscal Policy
senate
president
president & congress
what does expansionary fiscal policy fight
inflation
recession & unemployment
inflation & recession
what's happens using the expansionary fiscal policy
decrease of taxes & increase of gov't spending
decrease of taxes increase of gov't spending
increase of taxes & decrease of gov't spending
what does contractionary fiscal policy fight
unemployment
recession
inflation
what's happens using the contractionary fiscal policy
decrease of taxes & increase of gov't spending
increase of taxes & decrease of gov't spending
increase of taxes & decrease of gov't spending
what is the federal reserve system
national bank of the US
central bank of the US
private back of the US
the federal reserve is made up of how many districts
8
7
12
federal reserve responsibilities
regulate banks, regulate commercial, diverse bank merges, conduct monetary policy
stop banks, stop commercial, diverse bank merges, conduct monetary policy
regulate banks, regulate commercial, encourage bank merges, avoid monetary policy
what is reserve requirement
percent of deposits banks can keep and must lend
percent of deposits banks must keep and not lend
percent of deposits banks must keep and can lend
what is discount rate
rate of interest that the fed charges banks to borrow money
rate of interest that the fed charges banks to led money
rate of interest that the fed charges banks to give money
what is federal funds rate (FFR)
rate of interest banks charge each other to give money
rate of interest banks charge each other to borrow money
rate of interest banks charge each other to steal money
what is happening during the expansion phase in the business cycle
production is decreasing, consumer spending is decreasing, wages is decreasing, unemployment rate is increasing
production is at its max, consumer spending is decreasing, wages is increasing, unemployment rate is decreasing
production is increasing, consumer spending is increasing, wages is increasing, unemployment rate is decreasing
what is happening during the peak phase of the business cycles
RGDP is at its lowest, inflation at its highest, unemployment is at its lowest, production is at its lowest, wages at its highest
RGDP is at its max, inflation at its highest, unemployment is at its lowest, production is at its max, wages at its highest
RGDP is at its lowest, inflation at its highest, unemployment is at its highest, production is at its max, wages at its highest
what is happening during the contraction phase of the business cycle
RGDP is decreasing, production is decreasing, wages is decreasing, consumer spending is decreasing, unemployment is increasing, recession
RGDP is increasing, production is decreasing, wages is increasing, consumer spending is decreasing, unemployment is increasing, recession
RGDP is increasing, production is decreasing, wages is decreasing, consumer spending is increasinf, unemployment is increasing, inflation
what is happening during the trough phase of the business cycle
RGDP is at its max, consumer spending, wages, and prices are at its highest, unemployment is at its lowest
RGDP is at its min, consumer spending, wages, and prices are at its lowest, unemployment is at its highest
RGDP is at its max, consumer spending, wages, and prices are at its lowest, unemployment is at its lowest
