Unit 3: Macroeconomics Review

Unemployment caused by workers changing jobs

• Frictional unemployment

• Structural unemployment

• Seasonal unemployment

• Cyclical unemployment

Unemployment caused by a fundamental change in the economy

• Structural unemployment

• Frictional unemployment

• Seasonal unemployment

• Cyclical unemployemnt

Identify the type of unemployment: A worker loses their job during the pandemic

• Structural unemployment

• Frictional unemployment

• Seasonal unemployment

• Cyclical unemployemnt

Identify the type of unemployment: A worker loses their job to automation

• Structural unemployment

• Frictional unemployment

• Seasonal unemployment

• Cyclical unemployemnt

A rise in the general level of prices

• Inflation

• Real GDP (rGDP)

• Potential output (Yf)

• Price level (PL)

The spending and taxation decisions by the federal government

• Fiscal policy

• Progressive taxation

• Unemployment insurance

• Automatic stabilizers

Based on the duck scale, how are you doing today?

Amazon spent $700 million dollars in 2019 buying 100,000 new electric delivery trucks. To which part of the GDP equation does this belong?

• Consumer spending

• Investment spending

• Government spending

• Net exports

The U.S. Navy spent over $1 billion purchasing new helicopters. To what part of the GDP equation does this belong? 

• Consumer spending

• Investment spending

• Government spending

• Net exports

The items in the photo that are purchased at the yard sale would not count towards GDP. To which exclusion of GDP do they belong?

• Intermediate products

• Secondhand sales

• Nonmarket transactions

• Underground economy