macroeconomics ch 6 prices & unemp
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
|
|
||||
|---|---|---|---|---|---|
| Price Level | show 🗑
|
||||
| Price Index | show 🗑
|
||||
| show | a major price index; Qty's are fixed; is based upon a representative group of goods and services purchased by a typical household (called the market basket); a widely cited index number for the price level; CPI is base yr is always 100
🗑
|
||||
| show | ((total dollar expenditure on market basket <current yr>) /
(total dollar expenditure on market basket <base yr>) = CPI
to get the % change in price =
((CPI <current yr> - CPI <past yr>)/(CPI <past yr>)) x 100
🗑
|
||||
| Market Basket | show 🗑
|
||||
| show | anchor yr; the chosen year as a pt of reference or basis of comparison for prices in other yrs; a benchmark yr; CPI in base yr is 100
🗑
|
||||
| show | an increase in the Price Level or price index; during inflation Price Level goes up and PP$ goes down, debtors gain and creditors lose; helps people in debt
🗑
|
||||
| inflation rate | show 🗑
|
||||
| deflation | show 🗑
|
||||
| show | dollar amount (earlier yr) x ((CPI <current yr>/(CPI <earlier yr)) = dollar amount in today's <current> dollar
🗑
|
||||
| show | a given dollar amount in an earlier yr does not have the same purchasing power in a later yr <current yr> if prices are different in the 2 yrs
🗑
|
||||
| real income | show 🗑
|
||||
| nominal income | show 🗑
|
||||
| show | is based upon ALL goods and services produced in an economy; GDP prices are fixed;
(nominal/real) x 100 = GDP Deflator
🗑
|
||||
| show | job loser, a job leaver, a reentrant, or a new entrant
🗑
|
||||
| show | may be biased downward b/c discouraged workers are not considered unemployed; the %age of the population that is unemployed = (# of unemployed persons/civilian labor force) x 100
🗑
|
||||
| show | %age of civilian noninstitutional population that's employed = # of employed persons/civilian noninstitutional population
🗑
|
||||
| show | the %age of the civilian noninstitutional population that's in the civilian labor force = civilian labor force/civilian noninstitutional population
🗑
|
||||
| frictional unemployment (normal) | show 🗑
|
||||
| structural unemployment (normal) | show 🗑
|
||||
| cyclical unemployment (bad) | show 🗑
|
||||
| cycles of cyclical unemployment | show 🗑
|
||||
| show | caused by frictional and structural factors in the economy
rate = frictional unemp rate + structural unemp rate
🗑
|
||||
| full employment | show 🗑
|
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.
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.
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.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
katt61
Popular Economics sets