Chapter 3 Quiz Review

The output per worker hour that is measured over a defined period of time.

• Method

• Inflation

• Productivity

• Recession

Refers to rising prices.

• Recession

• Depression

• Recovery

• Inflation

The total dollar value of goods and services produced by a nation.

• Gross Domestic Product (GDP)

• Gross National Product (GNP)

• Consumer Price Index (CPI)

• Producer Price Index (PPI)

Recurring changes in economic activity are called......

• Business Cycle

• Expansion

• Recession

• Recovery

Measure of change in price over a period of time.

• Producer Price Index (PPI)

• Gross Domestic Product (GDP)

• Consumer Price Index (CPI)

• Gross National Product (GNP)

a period of economic slowdown that lasts for at least two quarters of a year or six months.

• Expansion

• Depression

• Recovery

• Recession

The output of goods and services produced by labor and property located within the US.

• Gross National Product (GNP)

• Gross Domestic Product (GDP)

• Consumer Inflation Index (CPI)

• Producer Price Index (PPI)

A time when the economy is flourishing.

• Recession

• Recovery

• Expansion

• Inflation

The term that signifies a period of renewed economic growth following a recession or depression.

• Recovery

• Business Cycle

• Scarcity

• Resources

Measures wholesale price levels in the economy.

• Consumer Price Index (CPI)

• Gross National Product (GNP)

• Gross Domestic Product (GDP

• Producer Price Index (PPI)