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Unit 6 Economics
| Question | Answer |
|---|---|
| The market value of all final goods and services produced within a nation in a given time period is called | gross domestic product (GDP) |
| An extended period of high unemployment and limited business activity is called a | depression |
| The income received by a country’s people from all sources in a given time period is called | personal income |
| A series of periods of expanding and contracting economic activity is called a | business cycle |
| GDP that is stated in the price levels for the year in which the GDP was measured is called | nominal GDP |
| The total income earned in a nation from the production of goods and services in a given time period is called | national income |
| Investment measures what businesses | spend |
| The refund of payroll taxes that the working poor receive is called the | earned-income tax credit |
| One of inflation’s effects on the economy is | decreasing the value of the dollar |
| A scarcity of goods and services that then drives up prices is created by | demand-pull inflation |
| A sustained rise in the level of prices or a sustained fall in the purchasing power of money is called | inflation |
| The three basic components of a wage-price spiral are | wages, production costs, prices |
| The rate of change in prices over a set period of time is called | inflation rate |
| Because of cost-push inflation, producers have to raise their prices to maintain their | profit |
| Be prepared to answer the 4 types of unemployment, which one is most prevalent (common) in the U.s.. Which are the second and third most prevalent and which is the least prevalent? | Explain your answers. |
| Be prepared to answer why doing work for yourself like fixing your car or cleaning your house is not counted as part of GDP. | explain your answers. |
| Measures of economic performance that usually change after real GDP changes are called | lagging indicators |
| The total amount of goods and services that households, businesses, government, and foreign purchasers will buy at each price level is called | aggregate demand |
| The best measure of a nation's economic growth is the amount of change in | its real GDP |
| In the United States, economists estimate that full employment is an unemployment rate of about | 4-6% |
| ___________is a rapid, uncontrolled price increase in excess of 50% per month. | Hyperinflation |
| How does the Lorenz curve show income inequality? | It dips below the line of equality. |
| Which of the following is an example of a durable good? A banana, car, chocolate, or disposable camera? | a car |
| If supply increases, prices go down, and the real GDP _________. | increases |
| What type of economy includes market activities that aren't reported because they are illegal? | the underground economy |
| Rising energy costs reduce _______ because tools become more expensive to use. | productivity |
| Which of the following would be a coincident indicator? stock prices, personal income, orders for consumer goods, or length of unemployment | personal income |
| What are the 4 factors that influence who lives in poverty in the U.S.? | education, demographic trends, discrimination, and changes in the labor force |
| If Sally works full-time as a barista, but has a teaching degree, she would be considered to be___________. | underemployed |
| _________is an unequal distribution of income among people in a country. | Income inequality |
| Resources become less scarce and prices fall during a _________. | contraction |
| Which of the following is an example of a nondurable good? a physical exam, watch, washing machine, or a latte | latte |
| Real GDP __________ is the usual measure of a nation's standard of living. | per capita (per person) |
Created by:
vderoner