Economy

When I say Gross Domestic Product what am I talking about?

• Disgusting Home Things

• Total value of goods and services produced by a country

• Big measure of stuff made in the world

• I don't know

When the word capita means this when we talk about the economy:

• Sofia

• A capital

• People

• I don't know

Income does NOT mean which of the following:

• The amount of money earned by a family in a year.

• The amount of money earned by one person per paycheck.

• The amount of money paid for goods and services.

• The amount of money a company makes in a year.

Inequality means something is:

• Completely equal

• Not equal at all

• Equality

• I don't know

True or False? Inflation is when the value of currency falls but prices of goods and services go up.

• true

• false

When the prices of goods and services goes down and the value of currency goes up that is considered what?

• Deflation

• Inflation

• Hyperinflation

• I don't know

Which of the following are factors of economic development? (There may be more than one right answer!)

• Geographical

• Technological

• Demographical

• Ecological

A command economy is

• when the people determine economic decisions.

• when someone tells the economy what to do.

• when the government makes all the economic decisions.

• I don't know.

A free market economy is

• when the people determine economic decisions.

• when no one tells the economy what to do.

• when the government makes all the economic decisions.

• I don't know.

What is income inequality?

• When someone doesn't get paid the right amount.

• When a few people get the most money.

• When people only work part-time.

• I don't know