POWERPOINT JEOPARDY

1
Economics Unit 4 Review
2
GDP Business Cycle Inflation Unemployment Random
10 10 10 10 10
20 20 20 20 20
30 30 30 30 30
40 40 40 40 40
50 50 50 50 50
3
Question 1 - 10

• What does GDP stand for and what does it measure?

4
Answer 1 10

• Gross Domestic Product
• The dollar value of all final goods and services
  produce in a country in a year

5
Question 1 - 20

• A car company buys a muffler for 50 from a
  muffler company and attaches it to a car that
  sells for 15,000. How much money is going to the
  nations GDP?

6
Answer 1 20

• 15,000

7
Question 1 - 30

• What is the differenece between GDP and Real GDP
  per Capita

8
Answer 1 30

• Real GDP per Capita takes into account inflation
  and population

9
Question 1 - 40

• What four factors go into the GDP expenditure
  approach?

10
Answer 1 40

• Consumer goods and services, government goods and
  services, business goods and services, and net
  exports

11
Question 1 - 50

• Where does the US Rank in terms of GDP Per Capita?

12
Answer 1 50

• 10

13
Question 2 - 10

• What are the four stages of the business cycle

14
Answer 2 10

• Peak, contraction, trough, expansion

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Question 2 - 20

• Unemployment is very high, but decreasing
• Consumer confidence is very low, but increasing

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Answer 2 20

• expansion

17
Question 2 - 30

• Interest rates spike, which leads to..

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Answer 2 30

• contraction

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Question 2 - 40

• Give me three factors that would be a
  characteristic of contraction

20
Answer 2 40

• Increasing interest rates
• Increasing unemployment
• Decreasing consumer confidence
• Decreasing business investment

21
Question 2 - 50

• How would an increase in unemployment lead to
  contraction?

22
Answer 2 50

• It leads to less consumer spending

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Question 3 - 10

• As inflation increases purchasing power..

24
Answer 3 10

• decreases

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Question 3 - 20

• What does CPI stand for, and what does it
  measure?

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Answer 3 20

• Consumer Price Index and Inflation

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Question 3 - 30

• What type of inflation is caused by Higher
  incomes and increased spending?

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Answer 3 30

• Demand-pull inflation

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Question 3 - 40

• Why are fixed income workers hurt by inflation?

30
Answer 3 40

• Their wages are the same no matter the inflation.

31
Question 3 - 50

• What type of inflation results from higher wages
  or input expenses?

32
Answer 3 50

• Cost-push inflation

33
Question 4 - 10

• What is Considered a healthy unemployment rate?

34
Answer 4 10

• 4-6

35
Question 4 - 20

• After graduation, you have the skills for the job
  you want and the company has the money to hire
  people, but you are waiting for the right job to
  pop up, what type of unemployment is that?

36
Answer 4 20

• Frictional

37
Question 4 - 30

• You dont know how to run a forklift so your are
  unemployed, what type of unemployment is that?

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Answer 4 30

• Structural

39
Question 4 - 40

• Fred Flinstone gets fired because the rock
  breaking company is running low on money. What
  type of unemployment is this?

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Answer 4 40

• cyclical

41
Question 4 - 50

• Santa impersonators have a problem with this type
  of unemployment

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Answer 4 50

• Seasonal

43
Question 5 - 10

• Why is a certificate of deposit such a safe
  investment?

44
Answer 5 10

• Because it is insured by the FDIC which is run by
  the government

45
Question 5 - 20

• What meal-in-a-box is called the San Francisco
  treat?

46
Answer 5 20

• Rice-a-Roni

47
Question 5 - 30

• If a nation increases its ______ (or efficiency)
  then it can produce more, which will increase its
  GDP.

48
Answer 5 30

• Productivity

49
Question 5 - 40

• This player received his first fine from the NFL
  after almost two decades of football for taunting
  a player that injured one of his teammates in the
  2014 NFL season?

50
Answer 5 40

• Peyton Manning

51
Question 5 - 50

• What is the Poverty Threshold for a single person
  household in the year 2015?

52
Answer 5 50

• 11,770