Economics Honors – UNIT 4 Test Review: 100 multiple-choice questions. Know these terms:
national income accounting structures intermediate products secondhand sales national income
nonmarket transactions underground economy Gross National Product (GNP)
personal income retained earnings disposable personal income
household family personal consumption expenditures price index
market basket consumer price index producer price index current GDP
nominal GDP real GDP GDP in constant dollars
census urban population rural population demographer fertility rate
life expectancy net immigration baby boom real GDP per capita tax base
standard of living renewable resources capital-to-labor ratio labor productivity business cycle
business fluctuation recession peak trough expansion
trend line depression index of leading indicators
unemployed unemployment rate frictional unemployment structural unemployment
cyclical unemployment seasonal unemployment technological unemployment
automation full employment price level deflation creeping inflation
galloping inflation hyperinflation Lorenz curve blue-collar worker
white-collar worker poverty threshold income-to-poverty ratio welfare
food stamps negative income tax enterprise zone workfare
stagflation GDP gap misery index discomfort index aggregate supply curve
aggregate demand curve macroeconomic equilibrium fiscal policy
Keynesian economics consumption function multiplier accelerator
Automatic stabilizer unemployment insurance supply-side economics
Laffer curve monetarism wage-price controls Council of Economic Advisors