Answer each correctly find each correct definition

What factors help determine the standard of living in a country? B E E E SS D G > XWhich of the following indicators is most often used to assess standard of living? gross domestic product stagflation unemployment rate inflation Which of the following would occur during the expansion phase of the business cycle? increasing unemployment and declining GDP decreasing GDP and deflation falling inflation and falling employment increasing GDP and decreasing unemploym- Which of the following people would be considered unemployed? a man who is not working but has an interview set up for next week 0 a 15-year-old boy 0 a stay-at-home mom 0 a woman who isn't working and has given up looking for a job Keith lost his job at his company's telephone switchboard when the company installed an automated phone system. Which type of unemployment did Keith experience? 0 seasonal O structural O cyclical O frictional Unexpected inflation will have the biggest impact on people who have money in the stock market. who live on a fixed income. who have fixed-rate loans 0000 who have entry-level jobs Which of the following would be used in calculating GDP? 0 grains used to produce cereal O a laptop computer purchased at Best Buy 0 Toys manufactured in China a t a factory owned by a US company 0 the sale of a 25-year-old house Why are final goods included in the calculation of GDP, while intermediate goods are not? O Final goods already include the value of the intermediate goods O Intermediate goods are not as popular as final goods O Final goods are not as popular as intermediate goods O Intermediate goods already include the value of the final goods What is the ripple effect? Include an example. B I WNH E O C > X HelpDeflation is good for... no one consumers borrowers business One cause of inflation is... consumer demand decreases, and the law of demand is not obeyed costs of production rise, so producers have to raise pnces. business inventories grow, and there is a surplus of goods and services. the money supply is tightened, so there in Use the graph below to explain what is happening in Colombia's economy between 2007-2009. Colombia's Economy: 2001-2010 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% 2001 2002 2003 2004 2005 2006 2007 2008 -Unemployment rate (y. avg.) -Inflation -Real GDF Released into the public domain. Source: DANE.When the economy is working properly, what is the unemployment rate? 8-10% 1-30/0 4-60/0 l 0- l 2% The difference between real and nominal GDP is that real GDP is adjusted for business investment foreign investment entitlements inflation G) Help In which phase of the business cycle will you likely see high unemployment? O contraction 0 all of the above O expansion 0 peak Randy is a civil engineer who has a mid-life crisis and decides to resign from his job in order to pursue a more \"exciting\" career. Randy would now be considered frictionally unemployed a discouraged worker employed OOOO structurally unemployed Why is the unemployment rate above zero when the economy reaches full employment? 0 Most workers do not have enough training for the best jobs. Q There are never enough jobs for everyone who wants one. Q There are always some people in transition between jobs. 0 Most jobs lay off workers when the economy is slow. A decline in economic activity (and real GDP) over a period of at least six months is called a depression contraction panic recession The official unemployment rate may be understated because it ignores senior citizens who have retired discouraged workers who have given up looking for a job parents who do not want jobs because they are caring for young children workers in the illegal or informal economy \"9'9 Which of the following is Not one of the sectors used to calculate GDP O a. business investment 0 b. exports O c. foreign investment Q d. imports Zimbabwe continued to print more and more money, which led to which type of inflation? O hyperinflation O deflation O creeping inflation O stagflation What kind of unemployment can be lessened when the government pursues policies that reduce the depth and length of contractions and prolong the periods of economic expansion? O frictional O cyclical O seasonal O structuralWhich of the following statements most accurately describes how inflation affects purchasing power? 0000 Inflation causes purchasing power to increase Inflation causes purchasing power to decrease Inflation does not affect purchasing power Inflation causes purchasing power to increase and then decrease