Why Gross Domestic Product Is Used as A Key Economic Indicator Questions
Description
- What are the four phases of the business cycle?
- Which phase of the business cycle would be the best time to purchase a large ticket item?
- How do you calculate the labor force participation rate?
- Who is accounted for in our country’s labor force?
- How is our country’s unemployment rate calculated?
- In one to two sentences, please define the term, “full employment?”
- In one to two sentences, what is a discouraged worker?
- What are the four types of unemployment?
- Which type of unemployment is the direct cause of our country (economy) contracting?
- In one to two sentences, please define, inflation?
- What is the equation used to calculate Gross Domestic Product (GDP)?
- In two or more sentences describe the difference between Real Gross Domestic Product (GDP) and Nominal Gross Domestic Product?
- Identify at least three (3) factors that are omitted from our country Gross Domestic Product (GDP)?
- In one to two sentences, please define, the Human Development Index (HDI)?
- In one to two sentences, describe why Gross Domestic Product (GDP) is used as a key economic indicator?
- In two or more sentences describe what assumptions can be made about country’s that have a high Gross Domestic Product (GDP)?
- How is Gross Domestic Product (GDP) per capita calculated?
- If Real Gross Domestic Product (GDP) fall for two or more consecutive quarters, which phase of the business cycle would best describe our economy?
- In one to two sentences describe whether Real Gross Domestic Product (GDP) or Gross Domestic Product (GDP) is a better measure of our country’s well-being?
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