Measuring the Economy Answers

A __________ contains thousands of specific items that represent what average urban households purchase month after month.

People who want to work and have jobs are said to be __________.

The US inflation rate is measured by changes in the overall price of the CPI __________.

Each month, government employees interview about 60,000 persons in sample households to determine what percentage is unemployed. This is used to determine the __________ rate.

The total US noninstitutionalized population 16 years and older is known as the __________.

The GDP includes the dollar value of all final goods and services produced within a country’s borders within a given year, even if the producer is a foreign-owned company.

The percentage of decrease in the average price of the economy’s goods and services is known as the __________.

The percentage increase in the average price of the economy’s goods and services is known as __________.

When the country’s GDP falls, the economy experiences a __________.

All of the following categories are part of the CPI market basket EXCEPT:

Inflation is a decrease in the average price level in the economy.

In the above diagram, all of the charts accurately display CPI market basket categories EXCEPT:

People age 16 years or older who are working in a job for which they are overqualified for are said to be __________.

The rise and fall of economic activity through periods of expansion and recession is known as the __________.