Economics Ch. 12-13 Study Guide

1. What are the phases of the business cycle?
2. What is the value of all final goods and services produced in a year called?
3. What is the difference between real GDP and nominal GDP?
4. If an employee loses her job as a result of technological change, what is she experiencing?
5. What measures inflation?
6. Who stands to benefit from inflation?
7. If your nominal income rises by 10% while the price level rises by 5%, how much will your real income be?
8. What is a market structure dominated by one large seller?
9. Give an example of a price ceiling and a price floor. How do they relate to inflation?
10. What are production costs that do not change with the level of output?

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