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GDP
Business Cycle
Economic Resources
Economic Systems
Credit
100
one year
GDP measures a country's economic output during
100
Prosperity
______ occurs at the peak of the business cycle.
100
human resouces
People producing goods and services are called?
100
Market Economy
The United States is based on a ____ economy?
100
Creditor
If you purchase a corporate or government bond, you are (n)
200
D. a fully assembled washing machine
Which of these items would be counted when measuring GDP? A. tomatoes still growing on the vine B. Sheets of steel C. rolls of raw fabric D. a fully assembled washing machine
200
A. High demand for goods and services
What of the following is NOT a characteristic of a depression? A. High demand for goods and services B. a prolonged period of high unemployment C. business failures D. GDP fails rapidly
200
A. Supply
The quantity of a good or service that businesses are willing and able to provide? A. Supply B. Factors of Production C. Equilibrium Price D. Competition
200
Traditional Economy
Which type of economy is usually centered mainly on meeting people’s basic needs?
200
Prime Rate
The interest rate banks charge their best business customers is the
300
B. the supply curve will slope downward
Generally, as the price of a product increases, A. consumers will be willing to purchase larger quantities of the product B.business will be willing to supply larger quantities of the product. C. the supply curve will slope downward.
300
A. rippled effect
A recession often affects some groups of workers in related businesses. The drop in related businesses is called> A. rippled effect B. business cycle C. placebo effect D. halo effect
300
Productivity
The production output in relation to a unit of input is?
300
A. the people of the country
Who owns the economic resources in a market economy? A. the people of the country B. the tribal elders C. the government D. business people and entrepreneurs but not consumers
300
D. is most harmful to people living on fixed incomes
Inflation A. increases the buying power of the dollar B. always discourages economic growth C. tends to decrease wages D. is most harmful to people living on fixed incomes
400
B. the value of the work you do for yourself
GDP does not include A. consumer spending for food B. the value of the work you do for yourself C. government spending to pay employees D. business spending the equipment
400
Prosperity, Recession, Depression, and Recovery
What is the order of the Business Cycle?
400
C. Scarcity
What is a shortage of resources is called? A. Profit B. Natural Resources C. Scarcity D. Factors of Production
400
Command Economy
The government of Erewhon owns and controls all economic resources and decides how those resources will be used. The government even assigns people specific jobs and careers. Erewhon uses which type of economic system?
400
The right of private property
In the United States, you can own anything you want and decide what you want to do with it, as long as it does not violate the law. This describes the principle of
500
C. 2
If GDP growth slows for at least ___ quarter(s) in a calendar year, the economy is probably in a recession. A. 4 B. 3 C. 2 D. 1
500
Contraction
What is another name for Recession?
500
Economics
_____ is the study of how society chooses to use resources to produce and distribute goods and service for people's consumption.
500
Competition
The rivalry among businesses to sell their goods and services is known as
500
Goods
Materials things you can see and touch are