Macroeconomics

Front

Expectant parents buy supplies for the nursery. Would this be included in GDP?

Back

Yes - Consumer Spending

Front

What type of GDP is calculated with the current year's prices?

Back

Nominal GDP

Front

The value of the output of all final goods and services produced within a country in a year.

Back

Gross Domestic Product

Front

What does Per Capita Mean?

Back

Per Person

Front

The lowest point of output in a recession, before a recovery begins is called

Back

trough

Front

Low unemployment, an increase in the output of goods and services, and increasing consumer spending best illustrates which of the following periods of the business cycle?

Back

expansion

Front

GDP is the highest in which of the following phases? Trough, Expansion, Peak, Recession

Back

Peak

Front

Why doesn't GDP count intermediate goods?

Back

intermediate value is included in the value of the final good

Front

Inflation is...

Back

A general increase in prices and fall in the purchasing value of money.

Front

A labor force of 20 million people has 18.5 million people employed. Find the unemployment rate.

Back

7.5%