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