1. GDP, Unemployment and Inflation
Created by Educational Technology Network

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

3. Question
The four part definition of GDP.

4. Answer 1 – 10
What is the total value of all final goods and services produced in a country in a given year?

5. Question
Goods that are used in the production of other goods.

6. Answer 1 – 20 What are intermediate goods?
Bonus 10: Are intermediate goods counted in GDP? Explain.

7. Question
GDP expressed in constant, unchanging dollars. In other words, GDP adjusted for inflation.

8. Answer 1 – 30 What is real GDP?
Bonus 10: What is other type of GDP? Explain.

9. Question
This approach to calculating GDP adds up all the incomes in an economy in a given year.

10. Answer 1 – 40 What is the income approach?
Bonus 10: What is the other approach, and what categories go into calculating it?

11. Question
Wood used to make a desk would count as GDP, true or false?

12. Answer 1 – 50
What is false?

13. Question
A period of 6 months or more of negative GDP growth.

14. Answer 2 – 10
What is a recession?

15. Question
This economic problem is associated with troughs in the business cycle.

16. Answer 2 – 20
What is unemployment?

17. Question
This is a particularly deep recession with high levels of unemployment.

18. Answer 2 – 30
What is a depression?

19. Question
After inflation, we see the business cycle do this.

20. Answer 2 – 40
What is contract?

21. Question
Peaks in the business cycle are associated with this type of economic problem.

22. Answer 2 – 50
What is inflation?

23. Question
Imports are greater than exports. GDP would...

24. Answer 3 – 10
What is decrease?

25. Question
This measures a nation’s standard of living.

26. Answer 3 – 20 What is real GDP per capita?
Bonus 10: What exactly is real GDP per capita?

27. Question
The federal government buys 5 billion paper clips. We can expect GDP to...

28. Answer 3 – 30
What is increase?

29. Question
The invention of the iPhone increased productivity overall. We would expect GDP to...

30. Answer 3 – 40
What is increase?

31. Question
A divorce lawyer is paid for his services. Paid well. As in bathing in obscene amounts of cash. We can expect GDP to...

32. Answer 3 – 50 What is increase?
Bonus 10: This question goes towards a limitation of GDP measurement. What is that limitation and explain?
Bonus 10: Give another limitation of GDP.

33. Question
The percentage of the total work force that is unemployed

34. Answer 4 – 10
What is the unemployment rate?

35. Question
Lifeguards that lose their job after summer is over suffer from this type of unemployment.

36. Answer 4 – 20
What is seasonal unemployment?

37. Question
A steel mill worker lost his job because his factory shut down completely. This represents this type of unemployment.

38. Answer 4 – 30
What is structural unemployment?

39. Question
Mitt Romney was once the Governor of Massachusetts, but now works at Walgreens as a cashier. He is...

40. Answer 4 – 40
What is underemployed?

41. Question
Discouraged workers are counted in the unemployment rate, true or false?

42. Answer 4 – 50
What is false?

43. Question
A change in prices over time.

44. Answer 5 – 10
What is inflation?

45. Question
Inflation caused by too much money in the economy is explained by this theory.

46. Answer 5 – 20
What is the quantity theory?

47. Question
As inflation increases, this decreases, which does not allow you to buy as many goods and services as before.

48. Answer 5 – 30
What is purchasing power?

49. Question
Tickle Me Elmo dolls are in high demand, but there’s not enough of them. To reduce demand, Sesame Street raises the price on all Tickle Me Elmos. This cause of inflation is explained by which theory?

50. Answer 5 – 40 What is the demand-pull theory?
Bonus 10: The situation where we have too much demand and not enough supply.

51. Question
The cost of oil goes up, which forces the producer to increase the price of plastic bottles, increasing inflation. This cause of inflation is explained by which theory?

52. Answer 5 – 50
What is the cost-push theory?