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Questions and Answers
Which of the following types of unemployment is characterized by short-term transitions between jobs?
Which of the following types of unemployment is characterized by short-term transitions between jobs?
What is the main purpose of the Consumer Price Index (CPI)?
What is the main purpose of the Consumer Price Index (CPI)?
What does the labor force participation rate measure?
What does the labor force participation rate measure?
Which of the following best describes stagflation?
Which of the following best describes stagflation?
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What is a characteristic of expansionary fiscal policy?
What is a characteristic of expansionary fiscal policy?
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In Keynesian economic theory, what does the formula AD = C + I + G + NX represent?
In Keynesian economic theory, what does the formula AD = C + I + G + NX represent?
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Which of the following is NOT a type of budget?
Which of the following is NOT a type of budget?
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How is the unemployment rate calculated?
How is the unemployment rate calculated?
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Which type of monetary policy action involves changing interest rates?
Which type of monetary policy action involves changing interest rates?
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Which of the following factors does NOT typically lead to demand-pull inflation?
Which of the following factors does NOT typically lead to demand-pull inflation?
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Study Notes
Chapter 19 & 20: GDP
- GDP (Gross Domestic Product) is a measure of economic growth
- Real GDP is adjusted for inflation
- GDP vs. GNP (Gross National Product): GNP includes income earned by citizens, while GDP considers income generated within a country's borders.
- Business cycle: Includes phases like flat economy, recessionary growth, economic growth, economic boom, recession, Great Recession, and Great Depression.
Chapter 21: Unemployment
- Participation vs. Nonparticipation in the labor force
- Types of unemployment: Seasonal, frictional, cyclical, technological.
- Measuring unemployment: Labor force = employed + unemployed, unemployment rate = (# unemployed/civilian labor force) x 100, employment rate = (# employed/population) x 100.
- Full employment
Chapter 22: Inflation
- Types of price changes: Inflation, deflation, hyperinflation, stagflation
- Anticipating vs. not anticipating inflation
- Total market basket, base year
- Consumer Price Index (CPI) vs. Producer Price Index (PPI)
- Price index = (price in current period) / (price in base period) x 100
- Annual inflation rate = (this year's price - last year's price) / last year's price
Chapters 23 & 24: Aggregate Demand and Aggregate Supply
- Aggregate Demand (AD) Theory (Keynesian) and determinants of AD
- Keynesian vs. Classical economic theory
- Determinants of AD and AS
Chapter 30: Government Budgets & Fiscal Policy
- Types of budgets: balanced, surplus, deficit
- Federal fiscal year
- Creation of the budget
- Federal revenues, expenditures
- National debt vs. deficit
- Fiscal policy levers: government spending, taxation
Chapters 27 & 28: Money, Banking & Monetary Policy
- Characteristics of money
- Measuring the money supply (M1, M2, L)
- Creation of money
- Federal Reserve System (origins, structure, functions)
- Monetary policy levers: reserve requirements, interest rates, open-market operations
Chapters 33 & 34: International Trade
- Globalization: advantages and disadvantages
- Protectionism: tariffs, quotas, embargoes, voluntary trade restriction agreements
- Trading partners, international trade organizations (WTO, World Bank, Export-Import Bank)
- International trade agreements (NAFTA, EU)
- Balance of trade
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Description
Test your understanding of key concepts in economics, focusing on GDP, unemployment, and inflation as discussed in Chapters 19 to 22. Explore the measurement of economic growth, types of unemployment, and different price changes. This quiz is perfect for students looking to strengthen their knowledge of economic indicators and theories.
