econ quiz review 1

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econ quiz review 1
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2013-10-09 17:25:53
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  1. an increase in real output as measured by real GDP or per capita GDP
    Economic Growth
  2. thE number of people in the civilian work force over the age of 16 without jobs who are actively seeking  one
    unemployment
  3. a rise in general price level of all goods and services in the economy
    inflation
  4. decline in the real GDP combined with a rise in price level
    stagflation
  5. the market value of all goods and services produced in a country in a one calendar years
    GDP(Gross Domestic Product)
  6. a price index that measures the cost of a fixes basket of consumer goods and services , the cost of this basket in one time period with its cost in some base period
    CPI
  7. type of unemployment resulting from people's present abilities ,skills, r\training and locations not matching up with available job openings
    structuralunemployment
  8. unemployment that is always present , resulting from temporary transitions made by worker and employs
    frictional unenployment
  9. fluctuations in the overall rate of theeconomy with   alternating periods of expansion and contraction ; usually measured by real GDP
    Business cycle
  10. The total amount owe by the national gov't to those from who it has borrowed to finance the accumulated difference between annual budget deficits  and annual budget surplus
    Debt
  11. A gov't spends more money in fiscal year than it takes in during that time
    Deficits
  12. what is the GDP formula ?
    GDP=C+I+G+(X+M)
  13. C=?
    consumer spending
  14. I=?
    Investment spending
  15. G=?
    Gov't Spending
  16. X=?
    Exports
  17. M=?
    Imports
  18. C,I,G & X have what type of relationship with GDP ?
    • Positive relationship 
    • As C,I,G & X increase GDP increases
  19. What type of relationship does M have with GDP?
    • Negative/inverse 
    • As M increases GDP goes down
  20. Who doesn't benefit from inflations ?
    • Fixed income: income that doesn't change
    • Debt at a variable rate:ARM ...Credit cards
    • Fixed selling Price: price stays the same
  21. Who benefits from inflations ?
    • Income adjusted for COL: Pay goes up as price of living goes up
    • Debt at a fixed rate
    • Fixed cost for goods

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