Unit 6 Vocabulary Review

Unit 6 vocabulary ESCAPE GAME

start

THE MISSION

Escape the factory using your knowledge of vocabulary terms from Unit 6.

THE base

Find the clue you need to keep moving forward

QUESTION 1/3

The average level of prices of goods and services consumed by households

The rate of inflation

The Consumer Price Index (CPI) measures:

The unemployment rate

Deflation

QUESTION 2/3

Inflation

Which term refers to the sustained increase in the general price level of goods and services in an economy over a period of time?

Recession

Gross Domestic Product

QUESTION 3/3

Real GDP

Which term refers to the total value of all goods and services produced by a country divided by its population?

GDP Per Capita

THE base

Find the clue you need to keep moving forward

QUESTION 1/3

Periodic fluctuations in economic activity

The Business Cycle is characterized by:

A continuous upward trend in economic activity

Stable economic conditions over time

QUESTION 2/3

Expansion

The phase of the business cycle characterized by a decline in economic activity is called:

Contraction

Trough

QUESTION 3/3

Recession

When the economy is experiencing a prolonged period of high unemployment and stagnant economic growth, it is often referred to as:

Trough

Peak

the base

Find the clue you need to keep moving forward

QUESTION 1/3

Cyclical fluctuations in the economy

Seasonal Unemployment is primarily caused by:

Variations in weather or holiday demand

Structural shifts in the labor market

QUESTION 2/3

Cyclically unemployed

A technology business decides to relocate it help department to Costa Rica where labor is less expensive. It therefore shuts down it's help center in Monroe, GA. The people who live in Monroe are unable to find comparable work in their small town. Those former employees would be considered

Frictionally unemployed

Structurally unemployed

QUESTION 3/3

Workers lose their jobs due to downturns in the economy

Frictional Unemployment occurs when:

Workers move between jobs or enter the workforce for the first time

Workers become unemployed due to technological advancements

the base

Find the clue you need to keep moving forward

QUESTION 1/3

Net Exports

Government Spending

Which of the following is NOT a component of Gross Domestic Product (GDP)?

Investment

Consumer Price Index

QUESTION 2/3

Aggregate Demand

Gross Domestic Product

Which term refers to the total demand for goods and services in an economy at a given time?

Consumer Price Index

Business Cycle

QUESTION 3/3

A stay at home parent

A senior in high school who wants a job at Starbucks to save for college

Which of the following would be considered unemployed?

A writer who has not published a book in 6 months

A student who just graduated from GACA and plans to take a gap year before college

the base

Find the clue you need to keep moving forward

QUESTION 1/3

An increase in interest rates over time

The government implements expansionary fiscal policy

Which of the following scenarios would most likely lead to a decrease in the Consumer Price Index (CPI)?

An increase in minimum wage

A decrease in the national unemployment rate

GDP does not include the value of intermediate goods in the production process

QUESTION 2/3

GDP does not account for the distribution of income within a country

Why is the Gross Domestic Product (GDP) considered an imperfect measure of economic well-being?

GDP does not consider changes in the quality of goods and services over time

GDP does not measure how much is produced in a country in a given year

QUESTION 3/3

recession

stagflation

Assume that an economy is experiencing moderate inflation, an unemployment rate of 3.9% and an increase of 4% in GDP. This country is likely experiencing a period of

expansion

peak

Mission Complete

You've saved the base! Your reward is this Unit's Password: completed

START OVER?

Are you sure you want to go out?

You will lose progress

exit

back

MISSION FAILED

You've destroyed the base......

try again