1. Economics Unit 4 Review
Created by Educational Technology Network

2. GDP
Business Cycle
Inflation
Unemployment
Random 10 20 30 40 50

3. What does GDP stand for and what does it measure?
Question
What does GDP stand for and what does it measure?

4. Answer 1 – 10
Gross Domestic Product The dollar value of all final goods and services produce in a country in a year

5. Question
A car company buys a muffler for $50 from a muffler company and attaches it to a car that sells for $15,000. How much money is going to the nation’s GDP?

6. Answer 1 – 20
$15,000

7. What is the differenece between GDP and Real GDP per Capita
Question
What is the differenece between GDP and Real GDP per Capita

8. Real GDP per Capita takes into account inflation and population
Answer 1 – 30
Real GDP per Capita takes into account inflation and population

9. What four factors go into the GDP expenditure approach?
Question
What four factors go into the GDP expenditure approach?

10. Answer 1 – 40
Consumer goods and services, government goods and services, business goods and services, and net exports

11. Where does the US Rank in terms of GDP Per Capita?
Question
Where does the US Rank in terms of GDP Per Capita?

12. Answer 1 – 50
#10

13. What are the four stages of the business cycle
Question
What are the four stages of the business cycle

14. Peak, contraction, trough, expansion
Answer 2 – 10
Peak, contraction, trough, expansion

15. Question
Unemployment is very high, but decreasing Consumer confidence is very low, but increasing

16. Answer 2 – 20
expansion

17. Interest rates spike, which leads to…..
Question
Interest rates spike, which leads to…..

18. Answer 2 – 30
contraction

19. Give me three factors that would be a characteristic of contraction
Question
Give me three factors that would be a characteristic of contraction

20. Answer 2 – 40
Increasing interest rates Increasing unemployment Decreasing consumer confidence Decreasing business investment

21. How would an increase in unemployment lead to contraction?
Question
How would an increase in unemployment lead to contraction?

22. It leads to less consumer spending
Answer 2 – 50
It leads to less consumer spending

23. As inflation increases purchasing power…..
Question
As inflation increases purchasing power…..

24. Answer 3 – 10
decreases

25. What does CPI stand for, and what does it measure?
Question
What does CPI stand for, and what does it measure?

26. Consumer Price Index and Inflation
Answer 3 – 20
Consumer Price Index and Inflation

27. Question
What type of inflation is caused by Higher incomes and increased spending?

28. Demand-pull inflation
Answer 3 – 30
Demand-pull inflation

29. Why are fixed income workers hurt by inflation?
Question
Why are fixed income workers hurt by inflation?

30. Their wages are the same no matter the inflation.
Answer 3 – 40
Their wages are the same no matter the inflation.

31. What type of inflation results from higher wages or input expenses?
Question
What type of inflation results from higher wages or input expenses?

32. Answer 3 – 50
Cost-push inflation

33. What is Considered a healthy unemployment rate?
Question
What is Considered a healthy unemployment rate?

34. Answer 4 – 10
4-6 %

35. Question
After graduation, you have the skills for the job you want and the company has the money to hire people, but you are waiting for the right job to pop up, what type of unemployment is that?

36. Answer 4 – 20
Frictional

37. Question
You don’t know how to run a forklift so your are unemployed, what type of unemployment is that?

38. Answer 4 – 30
Structural

39. Question
Fred Flinstone gets fired because the rock breaking company is running low on money. What type of unemployment is this?

40. Answer 4 – 40
cyclical

41. Santa impersonators have a problem with this type of unemployment
Question
Santa impersonators have a problem with this type of unemployment

42. Answer 4 – 50
Seasonal

43. Why is a certificate of deposit such a safe investment?
Question
Why is a certificate of deposit such a safe investment?

44. Answer 5 – 10
Because it is insured by the FDIC which is run by the government

45. Question
What meal-in-a-box is called the San Francisco treat?

46. Answer 5 – 20
Rice-a-Roni

47. Question
If a nation increases its ______ (or efficiency) then it can produce more, which will increase its GDP.

48. Answer 5 – 30
Productivity

49. Question
This player received his first fine from the NFL after almost two decades of football for taunting a player that injured one of his teammates in the 2014 NFL season?

50. Answer 5 – 40
Peyton Manning

51. Question
What is the Poverty Threshold for a single person household in the year 2015?

52. Answer 5 – 50
$11,770