Unit 4: GDP, Inflation, the Business Cycle, & Unemployment

Front

Jose just purchased new tires for his ten-year-old car. Is this purchase counted towards GDP?

Back

Yes.

Front

Which of the following accounts for the biggest portion of GDP in the United States? Consumption, Business Investment, Government Spending, Net Exports

Back

Consumption

Front

Which of the following helps economists better understand a nation's standard of living? Net Exports, GDP per capita, Business Investment, Nominal GDP

Back

GDP per capita

Front

What is the unemployment rate?

Back

The number of people over 16 actively looking for work divided by the number of people in the labor force (times 100).

Front

Joann has a master's degree in education and currently works at a local fabric store. How would she be categorized by the BLS? Options: Employed, Unemployed, Underemployed, Not in the Labor Force

Back

Underemployed

Front

Kurt runs his own business producing music and selling it online. How would he be categorized by the BLS? Options: Employed, Unemployed, Underemployed, Not in the Labor Force

Back

Employed

Front

Todd was just laid off from his job due to an economic downturn. What type of unemployment is he experiencing?

Back

Cyclical

Front

What type of unemployment is Ashley experiencing when she stops working in the fields after summer? Options: Frictional, Structural, Seasonal, Cyclical

Back

Seasonal

Front

What type of unemployment is Charlie's father experiencing after being laid off due to a robot taking his job? Options: Frictional, Structural, Seasonal, Cyclical

Back

Structural

Front

Which term refers to the average increase of prices across an economy in a given month or year? Options: Unemployment, Inflation, gross domestic product, consumer price index

Back

Inflation