3. $100$200$100$300$100$200 $400 $200$200$400 $100$400$100$400 $500 $200$500 $300$500$300$300$500$300$400 $500

4. GDP

5. Business Cycles

6. Unemployment

7. Inflation

8. Misc.

9. GDP Unemployment Inflation Misc. $100 $300 $200 $400 $500

10. GDP - $100 What does GDP stand for?

11. GDP - 200 What is GDP?

12. GDP- $300 When the Department of Commerce analyzes production data, it faces several decisions concerning what should be included and excluded when calculating GDP. Name 1 of these factors.

13. GDP- $400 GDP- $400 The are 5 income measures included in the National Income and Product Accounts (NIPA). Name 1 of these.

14. GDP- $500 The economy is made up of several different sectors. Name 1 of these.

15. Business Cycles - $100 Business Cycles - $100 Definition: Large systematic ups and downs of real GDP. What is the term?

16. Business Cycles - $200 Definition: Rise and fall of real GDP over time in a non-systematic manner. What is the term?

17. Business Cycles - $300 There are a few phases associated with the business cycle. Name 1.

18. Business Cycles - $400 Capital expenditures, inventory adjustments, innovation & imitation, monetary factors, and external shocks are all causes of what?

19. Business Cycles - $500 There are two ways to predict business cycles. Name 1.

20. Unemployment - $100 What determines if a person is unemployed?

21. Unemployment - $200 How do you find the unemployment rate?

22. Unemployment - $300 True of False: The unemployment rate does not have problems or limitations.

23. Unemployment - $400 There are several different types of unemployment. Name 1.

24. Unemployment - $500 Full-employment is reached when the unemployment rate drops below what number?

25. Inflation - $100 What is inflation?

26. Inflation - $200 What is the difference between real GDP and current GDP?

27. Inflation - $300 There are three degrees of inflation. Name 1.

28. Inflation - $400 There are many causes of inflation. Name 1.

29. Inflation - $500 There are several consequences of inflation. Name 1.

30. Misc. - $100 The output-expenditure model shows aggregate demand by the consumer, investment, government, and foreign sectors. What is the equation for this model?

31. Misc. - $200 A major economic event happened in October of 1929. What was it?

32. Misc. - $300 What is one of the limitations of unemployment?

33. Misc. - $400 What is the equation to determine the inflation rate?

34. Misc. - $500 A deflation is a decrease in the general price level. There were two significant deflations in the 1900s: One in the early 1920s, One in the 1930s. These deflations occurred after what two major historical events?

35. GDP - $100 Gross Domestic Product

36. GDP - $200 The dollar amount of all final goods and services produced within a country’s national borders -OR – The single most important measure of the economy’s overall economic performance.

37. GDP - $300 -Intermediate Products -Secondary Sales -Nonmarket Transactions -Underground Economy

38. GDP - $400 -GNP: Gross National Product -NNP: Net National Product -NI: National Income -PI: Personal Income -DI: Disposable (Personal) Income

39. GDP - $500 -Consumer Sector -Investment (or Business) Sector -Government Sector -Foreign Sector

40. Business Cycles- $100 Business Cycle

41. Business Cycle - $200 Business Fluctuations

42. Business Cycle - $300 -Recession-Expansion-Depression

43. Business Cycle - $400 Business Cycles

44. Business Cycles - $500 -Econometric Model -Index of Learning Indicators

45. Unemployment - $100 -Must be available for work -Currently or recently seeking employment -Work less than 1 hour a week for pay

46. Unemployment - $200

47. Unemployment - $300 False The unemployment rate has many limitations.

48. Unemployment - $400 -Frictional Unemployment -Structural Unemployment -Cyclical Unemployment -Seasonal Unemployment -Technological Unemployment

49. Unemployment - $500 5 %

50. Inflation - $100 A rise in the general price level.

51. Inflation - $200 -Current GDP is equivalent to GDP. -Real GDP is when the distortions of inflation have been removed.

52. Inflation - $300 -Creeping Inflation: 1% to 3% -Galloping Inflation: up to 300% -Hyperinflation: 500% and up

53. Inflation - $400 -Demand-Pull Theory -Federal Government Deficits -Rising input costs (labor) raises production costs -Increase in price of non-labor costs -Self-perpetuating cycle -Higher prices = higher wages -Excessive monetary growth

54. Inflation - $500 -The dollar buys less -Changes in people’s spending habits -Tempts people to speculate heavily -Alters the distribution of income

55. Misc. - $100 GDP = C + I + G + (F-S)

56. Misc. - $200 -The Great Depression -Stock-Market Crash -”Black Tuesday”

57. Misc. - $300 -Does not count people who are not looking for work -People who work part-time, but not full-time are not considered to be unemployed

58. Misc. - $400

59. Misc. - $500 -Early 1920s: Post WWI -1930s: During the Great Depression