What ​Stage​ of the Business Cycle are we in: i. ​ ​If the ​Un ​employment Rate is ​15 %,​ Production/Output is ​very low​ and the ​I ​nflation R​ate rises at only ​1​ ​%

Economics Mr Akins Unit Three Test Review Spring 2018 1.​ ​Fiscal Policy

a) What is it?

b) What is required to change it?

c) What ​Stage​ of the Business Cycle are we in: i. ​ ​If the ​Un ​employment Rate is ​15 %,​ Production/Output is ​very low​ and the ​I ​nflation

R​ate rises at only ​1​ ​%

ii. ​If the ​Un ​employment Rate is ​2 %,​ Production/Output is ​Very HIGH​ and the I ​nflation ​R​ate rises at almost ​17​ ​%

2. The GDP Expenditure Method ​GDP = Consumption + Investment + Govt Spending + Net Exports

a) What are the THREE Guidelines for ​INCLUDING​ a Good or Service in the 2018 GDP?

b) See the CW

3.​ ​The Civilian, Non Institutionalized Labor Force a) How OLD must you be to be INCLUDED in the ​LF​? b) What are the FOUR “Institutions” in which you CANNOT be? c) See the CW

3.​ ​The Unemployment Rate a) What must you be doing to be counted as ​Unemployed?

b) What are the FOUR Categories of Unemployment? c) What is someone called if they have “Given Up” looking for a job?

4.​ ​Monetary Policy

a) What is it? b) Who controls it? c) What is required to change it?

5.​ ​Monetary Policy​ ​II

a) What are the three Uses of Money: b) The characteristics of “good money”: c) What “backs” (gives value) to our money? d) What are the THREE Monetary Policy Tools? (Diagrams from Notes)

i. How is EACH changed during an ​EXPANSION​? (the 1990’s) ii. How is EACH used during a ​CONTRACTION​? (the Great Depression)

6. INFLATION BLS ​’ Market Basket

a) What are these purchases supposed to represent? b) What is the ​BLS ​ attempting to determine?

c) Be able to Calculate the Market Baskets, Inflation Rate and CPI Index Number.

Fiscal policy is the means by which a government adjusts its spending levels and tax rates to monitor and influence a nation’s economy.

c) If there is ​twice​ as much money TODAY as there was FIFTEEN years ago, by what amount must​ Business owners increase their prices?

d) Which term is used for a ​rise​ in the general price level?

"Order a similar paper and get 15% discount on your first order with us
Use the following coupon
"FIRST15"

Order Now