Economics Unit 4 Review

Front

Which of the following is NOT a function of money? Medium of Exchange. Store of Value. Measure of value. Measure of Inflation.

Back

Measure of Inflation.

Front

The general rise in price levels is called:

Back

Inflation

Front

Which of the following would be included in the unemployment rate? 15 year-old looking for a job at a local grocery store., An employed persons searching for another job due to pay., A stay at home mother not searching for a job., A 21-year-old unemployed college graduate actively searching for a job.

Back

A 21-year-old unemployed college graduate actively searching for a job.

Front

Expansionary periods of the business cycle are always characterized by: Low inflation, GDP growth, GDP stagnation, High inflation

Back

GDP growth

Front

Observable fluctuations in the economy are observable in which economic model?

Back

Business Cycle.

Front

The goal of economists is to: Reduce GDP, Keep inflation stable, Reduce inflation, Promote economic stagnation

Back

Keep inflation stable

Front

The dollar value of goods produced in an economy is known as:

Back

GDP

Front

Contractionary periods in the business cycle are always characterized by:

Back

Reduced GDP

Front

Which of the following would be most useful in determining economic development in comparison for a nation’s population? GDP, National Wealth, Inflation, GDP per Capita

Back

GDP per Capita

Front

Which of the following periods of the business cycle would characterize an economy with high inflation, increased GDP, and low unemployment? Expansionary, Contractionary, Recessionary, Trough

Back

Expansionary