jeopardy! inflation labor(no) jobs… math! alex trabeconomics gdp and the flow of spending and...
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- JEOPARDY! Inflation Labor(No) Jobs Math! Alex Trabeconomics GDP and the flow of spending and income. 100 200 300 400 500
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- A sustained increase in the general price level
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- INFLATION
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- A collection of goods and services from which prices are measured to compute inflation
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- Market Basket
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- A number that has not been adjusted for inflation
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- Nominal
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- Inflation tends to transfer value from __________ to _________
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- Lenders to Borrowers
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- DAILY DOUBLE!
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- (From the reading): The most commonly used price index is the CPI. Some economists prefer the ________ as it includes a far larger market basket than the CPI nearly all goods and services available in the economy.
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- GDP Deflator
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- He wrote The General Theory of Employment, Interest, and Money in 1936. His economic ideas changed the way governments managed their economies.
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- JOHN MAYNARD KEYNES
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- A period of time when domestic output declines
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- RECESSION
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- It includes all working people plus all people over 16 who are actively looking for jobs.
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- Labor Force
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- A person who does not have a job who is actively looking for one.
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- Unemployed
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- A stay at home mom or a retired person would both be an example of thisA stay at home mom or a retired person would both be an example of this.
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- Civilian outside the labor force.
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- The likely effect of an increase in unemployment compensation.
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- Natural Rate of Unemployment Rises
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- Unemployment which is attributable to a decline in the economys total production
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- CYCLICAL UNEMPLOYMENT
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- Unemployment that is due to people being between jobs
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- FRICTIONAL UNEMPLOYMENT
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- John has been replaced at work by a machine. John is the victim of what kind of unemployment?
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- STRUCTURAL UNEMPLOYMENT
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- An unemployed person who has given up looking for work
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- DISCOURAGED WORKER
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- Full employment allows for these two types of unemployment to exist.
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- STRUCTURAL AND FRICTIONAL
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- National Income may be found by determining the sum of all types of spending. What are the variables in this sum?
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- C+I+G+(X-IM)
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- The minimum wage in 1994 was $4.25. The CPI in 1994 was 148.2. Compute the real minimum wage in 1994. Just showing your math is fine.
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- $2.87
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- DAILY DOUBLE!
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- In May many new college graduates enter the workforce. What should happen to the unemployment rate every May ?
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- It will increase
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- Assume that the unemployment begins the summer at 8%. During July and August one hundred thousand people enter the workforce while only ninety two thousand jobs are created. What happens to the unemployment rate?
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- It stays the same.
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- Assume that the current inflation rate is 3% when you take out a loan for which you must pay 7% interest. What is the real rate of interest?
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- 4%
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- The type of market in which households sell labor and other factors of production to businesses.
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- Factor Market
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- This is calculated by pricing several hundred items in a market basket and is used to compare real price levels.
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- CPI an index number
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- A good used for resale or for the use in producing another good (Hint: NOT counted in the GDP)
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- INTERMEDIATE GOOD
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- The sum of the expenditures of business firms on new plant and equipments and households on new homes.
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- INVESTMENT SPENDING (I)
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- This type of person often gains from inflation
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- BORROWER
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- The sum of the incomes of all the individuals in the economy after taxes and transfer payments
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- DISPOSABLE INCOME
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- Sums of money that the government gives certain individuals as outright grants.
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- TRANSFER PAYMENTS
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- Shows the relationship between total consumption and total disposable income
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- CONSUMPTION FUNCTION
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- The ratio (shown as slope) of changes in consumption relative to changes in disposable income.
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- MARGINAL PROPENSITY TO CONSUME
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- The volume of goods and services that a given sum of money will buy.
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- PURCHASING POWER
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- Brittany Spears won a Grammy Award for this single/type of unemployment resulting from not enough demand.Brittany Spears won a Grammy Award for this single/type of unemployment resulting from not enough demand.
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- Tox-Cyclical
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- A number computed to measure inflation/He hosted MTVs Pimp My RideA number computed to measure inflation/He hosted MTVs Pimp My Ride
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- IndeXzibit
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- A general rise in prices/He founded Napster and was an early Facebook investor and was portrayed by Justin Timberlake in The Social Network.A general rise in prices/He founded Napster and was an early Facebook investor and was portrayed by Justin Timberlake in The Social Network.
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- Infla-Sean Parker
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- Someone who has given up looking for a job/this Muppet was the on-location reporter for Muppet newscasts.Someone who has given up looking for a job/this Muppet was the on-location reporter for Muppet newscasts.
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- Discouraged Wor-Kermit the Frog
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- The dollar value of all final goods and services produced within a countrys borders in a year/He is the lead guitarist for The WhoThe dollar value of all final goods and services produced within a countrys borders in a year/He is the lead guitarist for The Who
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- GD-Peter Townshend