Econ test - macroeconomics Kahoot questions and answers 100% verified, Exams of Microeconomics

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Econ test - macroeconomics Kahoot questions and answers 100% verified macroeconomics - correct answer the branch of economic theory dealing with the economy as a whole and decision making by large units such as governments and unions gross domestic product - correct answer dollar value of all final goods, services, and structures produced within a country's national borders during a one-year period gross national product - correct answer total dollar value of all final goods, services, and structures produced in one year with labor and property supplied by a country's residents, regardless of where the production takes place; largest measure of a nation's income business cycle - correct answer systematic changes in real GDP marked by alternating periods of expansion and contraction intermediate products - correct answer products that are components of other final products included in GDP; new tires and radios for a used car Econ test - macroeconomics Kahoot questions and answers 100% verified secondhand sales - correct answer sales of used goods; category of activity not included in GDP computation nonmarket transactions - correct answer economic activity not taking place in the market and, therefore, not included in GDP; services of homemakers, work around home consumer price index (CPI) - correct answer index used to measure price changes for a market basket of frequently used consumer items producer price index (PPI) - correct answer index used to emasure prices received by domestic producers; formerly called the whole-sale price index real GDP - correct answer gross domestic product after adjustments for inflation; same as GDP in constant dollars nominal GDP - correct answer gross domestic product measured in current prices, unadjusted for inflation Econ test - macroeconomics Kahoot questions and answers 100% verified inflation rate - correct answer the percentage increase in the price level from one year to the next GDP price deflator - correct answer measure of the level of prices of all new, domestically produced, final goods and services in an economy in a year leading economic indicators - correct answer a statistical series that normally turns down before the economy turns down or turns up before the economy turns up discouraged workers - correct answer a person of legal employment age who is not actively seeking employment or who has not found employment after long term unemployment, but who would prefer to be working GDP gap - correct answer difference between what the economy can and does produce; annual opportunity cost of unemployed resources Econ test - macroeconomics Kahoot questions and answers 100% verified misery index - correct answer unofficial statistic that is the sum of monthly inflation and the unemployment rate; same as discomfort rate 3 key measures of economic health and what level they should be at - correct answer GDP 3-4% unemployment <5% inflation rate 2-3% difference between GDP and GNP? Which does the US use? - correct answer GDP - within country's borders GNP - net income, abroad US uses GDP how do we know when the economy goes into recession or expansion - correct answer recession = decline in real GDP for 2+ quarters expansion = growth of real GDP (recovery from recession); uninterrupted difference between study of macro and micro economics - correct answer micro - study of individuals, Econ test - macroeconomics Kahoot questions and answers 100% verified households, and firm's behaviors in decision making and allocation of resources (markets of individuals) macro - study of overall economics, how market systems behave on a large scale, economy wide phenomena (inflation, price levels, econ. growth, national income, GDP, unemployment) inflation - correct answer rise in general level of prices, 2-3% = healthy deflation - correct answer decrease in general level of prices disinflation - correct answer when prices increase but at a lesser rate than the previous year reduction in rate of inflation stagflation - correct answer a period of slow economic growth and high unemployment (stagnation) while prices rise (inflation) hyperinflation - correct answer out of control, high inflation rate Econ test - macroeconomics Kahoot questions and answers 100% verified seasonal unemployment - correct answer changes in demand for job due to change in season or weather technological unemployment - correct answer workers replaced by machines cyclical - correct answer due to changes in the business cycle like recession or inflation (nationwide) costs of economic instability - correct answer GDP gap = actual GDP vs potential GDP if resources were fully employed (output not produced) misery index = the sum of monthly inflation and unemployment rates -uncertainty = many consumer purchases aren't made -family and political instability -increase crime and poverty the turnaround point in the business cycle where GDP stops going down and starts going up - correct answer trough Econ test - macroeconomics Kahoot questions and answers 100% verified what does CPI measure? - correct answer inflation what is the best indicator of economic health to an economist? - correct answer GDP A person who has given up looking for work is called - correct answer discouraged full employment is reached when unemployment is below - correct answer 5 percent a healthy economy is reached should have a GDP growth rate of - correct answer 3-4% the normal rate of inflation for a healthy economy is - correct answer 2-3% which of the following is not a major economic indicator - correct answer money supply the income available for consumers before taxes is called - correct answer personal income Econ test - macroeconomics Kahoot questions and answers 100% verified investment purchases are made by - correct answer businesses this keeps track of price for domestic producers - correct answer PPI if GDP is growing, employment is increasing, and prices are rising the economy is - correct answer expanding inflation caused by all sectors buying too much is called - correct answer demand pull when prices increase but at a lesser rate than the previous year it is called - correct answer disinflation type of unemployment caused by a change in industry or lack of worker skills - correct answer structural a rare economic downturn characterized by high unemployment and deflation - correct answer depression