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