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Ch 2-1
Ch 2-3
Ch 2-4
Vocabulary
Vocabulary
100
D.dinner preparation for your family
Which of the following would not be included in GDP ? A. exports B.purchases of computers by government C automobiles purchased D.dinner preparation for your family
100
True
True or false. Definition results in lower buying power of money
100
B. Ownership in a company or other asset
Equity refers to A. Reduced spending by government B. Ownership in a company or other asset C. Borrowing to finance a capital project D. Increase government taxes
100
Retail sales
What is the sales of durable and non durable goods bought by consumers ?
100
Stock
What represents ownership in a corporation ?
200
C. Decreased training programs
Productivity would likely increase as a result of A. Higher taxes B. Expanded production technology C. Decreased training programs D. Lower government spending
200
True
True or false. When consumers increase their borrowing, interest rates tend to decline.
200
D. Lower taxes
Which of the following would most likely cause a budget surplus for government? A. Higher spending B. Lower spending C. Higher borrowing D. Lower taxes
200
Business cycle
What is the movement of the economy from one condition to another and back again ?
200
Deflation
What means a decrease in the general level of prices ?
300
D.School supplies bought by students
Retail sales include A. Taxes collected B. Companies buying new equipment C. Borrowing by business D. School supplies bought by students
300
D. Depression
The phase of the business cycle in which unemployment is highest is A. Recession B. Recovery C. Prosperity D. Depression
300
D. Labor activities
A cosmetic company purchased an automatic wrapping machine that wraps a pallet of boxes in 30 seconds. To complete the same task manually, it would take an employee almost 3 minutes. This information would be useful for which measurement of economic activities? A. Consumer spending B. GDP C. GDP per capita D. Labor activities
300
Prosperity
What is a period in which most people who want to work are working, businesses ?
300
inflation
What is an increase in the general level of prices ?
400
B. GDP
If an economist researches annually the total value of homes built, this information would be useful for which measurement of economic activities? A. Consumer spending B. GDP C. investment activities D. Labor activities
400
C. GDP per capita
In a hypothetical economy, only 40 people were included and 15 pizzas were produced last year at $7 dollars each. This information would be useful for which measurement of economic activities? A. Consumer spending B. GDP C. GDP per capita D. Labor activities
400
B. consumer spending
Department stores report monthly to the state commerce office its total sales of goods and services. This information would be useful for which measurement of economic activities? A. Borrowing B. consumer spending C. investment activities D. labor activities
400
Budget Deficit
What is when a government may spend more than it takes in ?
400
Price index
What is is a number that compares prices in one year with some earlier base year ?
500
B. GDP
When a government agency reports annually the total amount spent to pay employees, this information is useful for which measurement of economic activities? A. Consumer spending B. GDP C. investment activities D. Labor activities
500
D. Labor activities
Due to decreasing enrollment in a local school system, fewer teachers as employees are needed. As a result, over 100 teachers were released from their commitments. This information would be useful for which measurement of economic activities? A. Consumer spending B. GDP C. GDP per capita D. Labor activities
500
C. investment activities
Mary is proud of saving over $43,000 in a bank. She knows that her saving money at the bank will provide funds for others to borrow money. This information would be useful for which measurement of economic activities? A. Borrowing B. consumer spending C. investment activities D. labor activities
500
National Debt
What is the total amount owed by the federal government ?
500
unemployment rate
What is the portion of people in the labor force who are not working ?