Econ Practice Questions

Front

What is the type of economy that the United States has?

Back

Mixed

Front

What is the social hierarchy type the U.S. has?

Back

Meritocracy

Front

How do we determine how wealthy a country is?

Back

GDP

Front

What is the name of the 2007-2009 Recession?

Back

The Great Recession

Front

What caused the 2007-2009 Recession?

Back

Subprime loans and housing prices fall

Front

What percent of Americans live in the Elite Class?

Back

1

Front

When demand falls for a product, what happens to the cost of the product?

Back

Goes down

Front

What is it called when you "give up the next best thing"?

Back

Opportunity Cost

Front

What is a credit score?

Back

A credit score is a numerical representation of a person's financial trustworthiness.