Quiz 5&6 Broad Concepts

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Last updated: March 26, 2026

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Hint	Answer
Nominal vs. Real _	GDP
GDP is imperfect because of the _ economy	Underground
Market value of all final goods and services produced within a country in a given period	GDP
Approach #1 - summing all spending on final goods (net exports can be negative)	Expenditure
_ measures the average change over time in the _ paid by typical urban consumers for a "market basket" of goods	CPI
GDP is imperfect because of _ time	Leisure
Unemployment type #4 - _ is zero, only the other two remain (the "natural rate")	Full Employment
The _ _ measures the price level of all domestic goods	GDP Deflator
Approach #3 - sum off _ _ at every stage of production	Value Added
How we adjust for inflation (purchasing power)	Ratio of CPI
Production valued at current year prices	Nominal

Hint	Answer
Production valued at base-year prices (removes the effect of inflation)	Real
GDP is imperfect because of _ quality	Environmental
Unemployment type #2 - due to a persistent mismatch between worker sills and job requirements	Structural
GDP is imperfect because of _ production	Household
Unemployment type #1 - short-term, such as graduates looking for a first job	Frictional
Real interest rate ~ nominal interest rate - inflation rate	Fisher equation
Approach #2 - summing all _ earned by factors of productions. The largest component of total _ in the U.S. is wages	Income
Employed + unemployed	Labor Force
Unemployment type #3 - caused by business cycle recessions (e.g. layoffs during a downturn)	Cyclical
The percentage change in a price index from one year to the next	Inflation Rate

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