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JEOPARDY!

JEOPARDY!. A sustained increase in the general price level. INFLATION. A collection of goods and services from which prices are measured to compute inflation. Market Basket. A number that has not been adjusted for inflation. Nominal.

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JEOPARDY!

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  1. JEOPARDY!

  2. A sustained increase in the general price level

  3. INFLATION

  4. A collection of goods and services from which prices are measured to compute inflation

  5. Market Basket

  6. A number that has not been adjusted for inflation

  7. Nominal

  8. Inflation tends to transfer value from __________ to _________

  9. Lenders to Borrowers

  10. DAILY DOUBLE!

  11. (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.

  12. GDP Deflator

  13. He wrote The General Theory of Employment, Interest, and Money in 1936. His economic ideas changed the way governments managed their economies.

  14. JOHN MAYNARD KEYNES

  15. A period of time when domestic output declines

  16. RECESSION

  17. It includes all working people plus all people over 16 who are actively looking for jobs.

  18. Labor Force

  19. A person who does not have a job who is actively looking for one.

  20. Unemployed

  21. A stay at home mom or a retired person would both be an example of this.

  22. Civilian outside the labor force.

  23. The likely effect of an increase in unemployment compensation.

  24. Natural Rate of Unemployment Rises

  25. Unemployment which is attributable to a decline in the economy’s total production

  26. CYCLICAL UNEMPLOYMENT

  27. Unemployment that is due to people being “between jobs”

  28. FRICTIONAL UNEMPLOYMENT

  29. John has been replaced at work by a machine. John is the victim of what kind of unemployment?

  30. STRUCTURAL UNEMPLOYMENT

  31. An unemployed person who has given up looking for work

  32. DISCOURAGED WORKER

  33. “Full employment” allows for these two types of unemployment to exist.

  34. STRUCTURAL AND FRICTIONAL

  35. National Income may be found by determining the sum of all types of spending. What are the variables in this sum?

  36. C+I+G+(X-IM)

  37. 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….

  38. $2.87

  39. DAILY DOUBLE!

  40. In May many new college graduates enter the workforce. What should happen to the unemployment rate every May ?

  41. It will increase

  42. 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?

  43. It stays the same.

  44. 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?

  45. 4%

  46. The type of market in which households sell labor and other factors of production to businesses.

  47. Factor Market

  48. This is calculated by pricing several hundred items in a market basket and is used to compare real price levels.

  49. CPI – an index number

  50. A good used for resale or for the use in producing another good (Hint: NOT counted in the GDP)

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