Econ Unit 5

According to the demand pull theory, what is responsible for inflation?
demand for goods and services exceeds existing supply

An accurate statement about the Great Depression would be that
it ended largely because of an increase in defense spending related to WWII

The main economic variables that affect business cycles include all of the following EXCEPT
personal savings levels

That calculation of GDP would include
the income of a high school English teacher

According to the cost-push theory, what is responsible for inflation?
Producers raise prices to meet increased costs

The amount of moneya person has left of his or her income after taxes is called
disposable personal income

What is workfare?
A early poverty program started in the 1950s

The lowest point in an economic contraction is called
a trough

What is the difference between seasonal unemployment and structural unemployment?
seasonal unemployment occurs because of schedules; wheras structural occurs because people lack skills

An example of a nondurable good is
a paperback book

Compared with the expenditure approach to calculating GDP, the income approach is
more accurate

What does it mean when a person is underemployed?
The person has a job they are overqualified for

All of the following actions promote capital deepining except
spending a larger portion of one’s disposable income

How has the distribution of income in the US changed over the last 20 years?
It has become less equal

GDP is expressed in constant, or unchanging, prices called
real GDP

How does the Bureau of Labor Statistics determine how the market basket should change over time?
by conducting a Consumer Expenditure Report

An example of a durable good would be
a used car

The main economic variables that affect business cycles include all of the following EXCEPT
personal savings levels

All of the following measures help promote technological progress EXCEPT
increased wages for researchers

Products that would be used in calculating GDP include
cars manufactured in Tennessee at a factory owned by a Japanese automobile company

Which of the following is a result of unemployment that is very low
companies have difficulties recruiting new workers

An example of capital deepening would be
paying for an employee to take college classes

When the economy is working properly, what is the unemployment rate?
4-6%

The agency that maintains the National Income and Product Accounts is
the US department of commerce

GNP minus the cost of depreciation of capital equipment is
net national product

What is a major problem for businesses during a period of chronic inflation?
they cannot anticipate their costs

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Products that would be used in calculating US GDP in 2014 would include… Cars manufactured in Tennessee in 2014 at a factory owned by a Japanese automobile company and sold in 2015 in Canada What is the general impact of …

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In an economy, when the price level falls, consumers and firms buy more goods and services. This relationship is represented by the… Aggregate demand curve Compared with the income approach to calculating GDP, the expenditure approach is… More practical WE …

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