Twenty Questions Chapter 8 Review.

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Presentation transcript:

Twenty Questions Chapter 8 Review

Twenty Questions 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

1.What are the names of the 3 Ranges of AS? Range 1: Keynesian Range Range 2: Intermediate Range Range 3: Classical Range

2. What are the 4 types of unemployment? Frictional Structural Cyclical Seasonal

3. What is the difference between demand-pull inflation and cost-push inflation? Demand-Pull Inflation: Caused by consumers due to excessive demand for goods and services. Cost-Push Inflation: Caused by producers due to the rising cost of production.

4. How do you calculate the misery index? ALWAYS add the unemployment rate and the inflation rate

5. How is the inflation rate measured? By the Consumer Price Index

6. What are the 2 criterias needed to be counted as part of the labor force? Needs to be 16 years or older Has to be actively looking for a job

7. What is hyperinflation? A very rapid rise in prices

8. What does COLA stand for and how does this protect workers from inflation? COLA=Cost of Living Adjustment This is a clause in worker’s contracts that promises an increase in wages to match any unanticipated inflation that can occur

9. What is the most serious type of unemployment? Structural

10. What are the highest and lowest points in the business cycle called? Highest Point=Peak Lowest Point=Trough

11. What does the unemployment rate have to be if the nation wants to be at full employment? 5% or Less

12. When there is unanticipated inflation in the economy, who gains and gets hurt respectively? GAINS=debtors LOSES=creditors

13. At what range is there full employment? Classical Range

14. What is the difference between nominal value and real value? Nominal value does not take inflation into account whereas the real value does

15. What are the 4 determinants of AS? Resource Prices Productivity Technology Government Taxes and Regulations

16. What is stagflation? Inflation and low economic growth-2 bad things happening at the same time

17. What happens to PL and O/E when AD increases in the Classical Range? Price Level=Increases Output/Employment=Stays the same

18. What does the economy look like under the Keynesian Range? Recession/Depression and High Unemployment

19. What is deflation? A decrease in price level (opposite of inflation)

20. Which direction should you shift your AS curve if it increases? Right