Unit 2 test
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| secondhand sales Financial Transactions Transfer Payments | Whats not counted in GDP?
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| The GDP per person; the average GDP per population | Per capita GDP
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| C=Personal Consumption Expenditures Ig=Gross Private Domestic Investment G=Government Purchases Xn=Net Exports (Exports-Imports) C+Ig+G+Xn=GDP | Whats counted towards GDP?
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| Demand-Pull Inflation | caused by an increase in aggregate demand
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| Cost-Push Inflation | caused by reduction in aggregate supply
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| Hyperinflation | A very rapid rise in the price level
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| Okun's Law | The generalization that any 1 percentage point rise in the unemployment rate above the full unemployment rate will increase the GDP gap by 2percent of the potential output of the economy
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| Price index | Price Index in given year = price of market basket in specific year DIVIDED BY price of same market basket of base year X 100
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| Nominal GDP | Units of Output X Price Per Unit=?
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| Real GDP | Nominal GDP
-------------- = ?
Price Index
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| Costs Of Living Adjustments (COLA) | An automatic increase in the incomes(wages)of workers when inflation occurs; guaranteed by a collective bargaining contract between firms and workers.
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| Consumer Price Index (CPI) | An index that measures the prices of a fixed "market basket" of some 300 goods and services bought by a typical consumer.
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| Unemployment Rate | Unemployed
------------- = ?
Labor Force
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| Who is counted in the labor force? | Those willing and able to work
Those who are unemployed but actively seeking for work
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| Natural Rate of Unemployment | The Unemployment rate occurring when there is no cyclical unemployment and the economy is achieving its maximum potential
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| APC | Consumption
--------------- = ?
Income
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| APS | Saving
---------- = ?
Income
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| MPC | Change in Consumption
----------------------- = ?
Change in Income
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| MPS | Change in Savings
------------------- = ?
Change in Income
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| Wealth Expectations Real Interest Rates Household Debts | Determinates of Consumption and Savings
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| Gross Domestic Product (GDP) | the dollar value of all final goods and services produced within a country's border in one year.
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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