How did the contribution of the services sector to GDP change between 2009 and 2011?
It rose significantly.
produces more goods and services. Which unemployment rate do most economists consider to be acceptable in the United States?
Which statement most accurately describes the trends shown on this graph when GDP falls?
Which statement most accurately describes the trends shown on this graph? When GDP
falls, unemployment rises.
producers need more money to make and distribute goods.
Which best describes how a recession develops as demand and production decrease?
Which best describes how a recession develops as demand and production decrease? …
The recession starts and stops.
Which describes a factor that limits economic growth?
Which describes a factor that limits economic growth?
declining
. … Industry in Bolivia has grown very important to that country's economy in recent years.
Which unemployment rate do most economists consider to be acceptable in the United States?
Many consider a
4% to 5% unemployment
rate to be full employment and not particularly concerning. The natural rate of unemployment represents the lowest unemployment rate whereby inflation is stable or the unemployment rate that exists with non-accelerating inflation.
How did the contribution of the service sector to GDP change between 2009 and 2011 it rose Significantlyly significantly it rose significantly it remained exactly the SA?
Unemployment rates rise and fall in predictable patterns. Unemployment will never again be as high as it was in 2010. The United States suffered
an
economic downturn starting in 2009. The United States does not have to worry about unemployment.
Which statement is an accurate interpretation of the real GDP data presented in the graph?
Which statement is an accurate interpretation of the real GDP data presented in the graph?
The nation's overall growth rate demonstrates that the economy is in a period of expansion.
Which best describes what occurs in the product market?
Which best describes what occurs in the product market?
Macroeconomic equilibrium occurs when aggregate supply and aggregate demand meet
. … Society's supply and demand have stagnated.
What best describes the nature of cause and effect in the context of the business cycle?
Which best describes the nature of cause and effect in the context of the business cycle?
Each effect has other effects
. Which best describes what is represented in the business cycle model? During a recession, what is one way governments try to encourage growth?
What best describes what is represented in the business cycle?
From a conceptual perspective, the business cycle is
the upward and downward movements of levels of GDP (gross domestic product)
and refers to the period of expansions and contractions in the level of economic activities (business fluctuations) around a long-term growth trend.
When economists determine that a nation's GDP has declined?
When economists determine the GDP of the nation is declining, that is the sign of
economic decline
in the country.
Which of the following most accurately describes the circular flow model of the economy?
Which statement best describes the circular flow model? The
model represents the movement of money and resources throughout the economy
. The model represents the interactions within sectors.
Which statement most accurately describes Germany's labor force?
Which statement most accurately describes Germany's labor force?
Most Germans work in services
. This graph shows changes in GDP and the unemployment rate in the United States in recent years.
Which indicators do economists use to determine the state of the economy?
Gross Domestic Product (GDP)
shows the total value of goods and services that the country produces within its boundary and shows the country's economic condition. Thus, economists use prices, agricultural output, employment levels, and GDP to determine the economy`s state.
Which sector of Germany economy had the highest GDP?
The services sector is the largest in Germany and has been generating a steady share of around 60 percent of gross domestic product since 2007. Following the financial crisis, the services sector grew to just over 64 percent in 2009, but otherwise has made up a consistent share of GDP.
Which of the following is a characteristic of prosperity in the peak phase of the business cycle?
One of the defining characteristics of the prosperity stage in the business cycle is
low level of unemployment
. Additionally, a prosperous economy experiences relatively high levels of consumer demand and production, matched with increased buying power for much of the population.
Which of the following statements about GDP is correct nominal GDP values?
The correct option is (i). Nominal GDP is
the aggregate value of all final goods and services at current prices
, whereas real GDP is the aggregate…
What do we know about the accuracy of GDP?
GDP is
an accurate indicator of the size of an economy
and the GDP growth rate is probably the single best indicator of economic growth, while GDP per capita has a close correlation with the trend in living standards over time.
Which contributes more to GDP the production of an economy car or the production of a luxury car?
The production of a luxury car contributes more to GDP than the production of an economy car because the luxury car has a
higher market value
.
What is GDP in economics PDF?
Page 5. GDP Defined. GDP is
short for Gross Domestic Product
.
It's the market value of all the final goods and services produced
.
within a country in a given time period
.
Why is real GDP a more accurate measure of economic growth compared to nominal GDP?
Consequently, real GDP provides a more accurate portrait of economic growth than nominal GDP
because it uses constant prices
, making comparisons between years more meaningful by allowing for comparisons of the actual volume of goods and services without considering inflation.
Which definition best describes real GDP?
Which of the following best defines real GDP? Real GDP is defined as
the total dollar value of final goods and services produced within a country in one year after adjustment for inflation
. Real measurements are. expressed in constant dollars.
Which statement best describes the effect of low and high interest rates on the economy?
Which statement best describes the effects of low and high interest rates on the economy?
Low interest rates encourage consumers to borrow and spend, while high interest rates encourage saving.
Which best describes what a market index does quizlet?
Which best describes what a market index does?
An index measures market performance
. Once stocks are on the market, which best explains how their prices are set? Prices fluctuate on the basis of demand.
How did the contribution of the goods producing sector to GDP growth change between 2010 and 2011?
How did the contribution of the goods-producing sector to GDP growth change between 2010 and 2011?
It fell by 2.3%
. You just studied 12 terms!
When aggregate economic activity is increasing the economic is said to be in?
Answer: When aggregate economic activity is increasing, the economy is said to be in (1)
an expansion
.
What is business cycle expansion?
expansion, in economics, an upward trend in the business cycle, characterized by
an increase in production and employment
, which in turn causes an increase in the incomes and spending of households and businesses.
What phase in the business cycle is a period when the level of business activity rises and GDP grows?
Expansion
is the phase of the business cycle where real gross domestic product (GDP) grows for two or more consecutive quarters, moving from a trough to a peak. Expansion is typically accompanied by a rise in employment, consumer confidence, and equity markets and is also referred to as an economic recovery.
What stage of the business cycle is the US economy currently in given the trend of GDP growth?
United States
The US is in
the mid-cycle phase
, as a broadening expansion occurred alongside progress on vaccinations and fuller economic reopening. Growth rates are high but may be peaking, as fiscal support and reopening momentum will likely decelerate from their extremely supportive trends.
Which of the following best describes what is occurring when an economy's actual output is above its full employment level of output?
When actual output is above the potential output,
aggregate demand has grown faster than aggregate supply
, causing the economy to overheat.
When the production of thing is increasing towards prosperity this stage is called as?
According to Investopedia, the prosperity phase, also sometimes called
the expansion phase
, occurs when the economy is quickly growing.
Which best describes what occurs in the product market?
Which best describes what occurs in the product market?
Macroeconomic equilibrium occurs when aggregate supply and aggregate demand meet
. … Society's supply and demand have stagnated.
Which is an effect of stagflation quizlet?
What is one consequence of stagflation?
The economy drastically slows down as money loses its buying power
.
How did the contribution of the services sector to GDP change between 2009 and?
How did the contribution of the services sector to GDP change between 2009 and 2011? It rose significantly.
Jim lost his job in a car assembly factory to a robot and his skills will no longer be needed
. Which terms can be used to describe Jim?
Which statement most accurately describes Germany's labor force?
Which statement most accurately describes Germany's labor force?
Most Germans work in services
. This graph shows changes in GDP and the unemployment rate in the United States in recent years.
What do these graphs indicate about the relationship between employment levels and prices during economic cycles?
What do these graphs indicate about the relationship between employment levels and prices during economic cycles? …
As unemployment rates rise, average prices fall. As
unemployment rates rise, average prices fall.
What statement best describes the circular flow model?
Which statement best describes the circular flow model?
The model represents the movement of money and resources throughout the economy. The model represents the interactions within sectors.
What best describes the circular flow model?
The circular flow model
demonstrates how money moves through society
. Money flows from producers to workers as wages and flows back to producers as payment for products. In short, an economy is an endless circular flow of money. … For that reason, the model is also referred to as the circular flow of income model.
Which indicators do economists use to determine the state of the economy choose three answers quizlet?
(T/F)
A firm's mission defines both what it wants to be
in the long run and what it wants to avoid in the meantime.
What is the best indicator of economic development of a country?
The most well-known and frequently tracked is
the gross domestic product (GDP)
.
