SS8B Unit 5 Exam Review

Front

What does a high unemployment rate indicate about an economy?

Back

There are fewer jobs available than people seeking work.

Front

Which of the following is a sign of economic growth?

Back

Increase in GDP.

Front

What is the purpose of an economic stimulus?

Back

To boost economic activity and promote growth.

Front

What are the phases of the business cycle?

Back

Expansion, Peak, Contraction, Trough.

Front

Which of the following is an example of a government policy aimed at reducing inflation?

Back

Increasing interest rates.

Front

Define GDP (Gross Domestic Product).

Back

The total value of all goods and services produced in a country in a specific time period.

Front

What is inflation?

Back

A general increase in prices and fall in the purchasing value of money.

Front

What does contraction in the business cycle refer to?

Back

A period of economic decline where GDP decreases.

Front

What is the peak phase of the business cycle?

Back

The point at which the economy is at its highest level of activity before a downturn.

Front

What is a recession?

Back

A significant decline in economic activity across the economy lasting longer than a few months.