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Chapter 14 and 15 Economics

Statistics used to measure changes in prices over time
Price Index
Dollar amount of all final goods and services produced within a country borders in a year
GDP
Measure of price changes received by domestic producers for their output
Producer Price Index
Quality of life based on possession of necessities and luxuries that make life easier
Standard of Living
Total income the consumer sector of the economy has at its disposal after personal income taxes
disposable personal income
An index that reports on price changes for about 90,000 goods and services is the
consumer price index
Which of these is not measured by GDP
income sector
The benefits of long-term economic growth include all of the following except
increase in the availability of land
Unemployment tat is directly related to swings in the business cycle is
cyclical unemployment
When there is too much printed money, inflation can be caused by
government
Changes in skills and changes in consumer taste can cause
structural unemployment
The value of all final goods and services produced in a country in a year
GDP
What are the two phases of the business cycle
expansion and recession
When a construction worker cannot work because of winter storm, he is
seasonally unemployed
A telephone receptionist loses his job when a computerized voice mail system is installed at his office He is
technologically unemployed
The unemployment rate understands employment conditions for all of the following reasons execpt
some people who worked in high paying jobs may be working in minimum wage jobs that they do not want
All of the following factors contribute to business cycles execpt
business fluctuations
Which is the best measure of the nations income
GNP
Point where real GDP stops increasing
peak
Systemic ups and downs of real GDP
business cycle
Decrease in the general price level
Deflation
Turnaround point where real GDP stops going down
Trough
Caused by a fundamental change in the operations of the economy
structural unemployment
A severe recession characterized by high unemployment, acute shortages, and excess production capticity
depression
Period during which real GDP declines for two quarters in a row or for six consecutive months
recession

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