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Unit 4 Review - Econ

Authored by Kyle Kilgore

Social Studies

9th - 12th Grade

Used 7+ times

Unit 4 Review - Econ
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15 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The market value of a nation's output of final goods and services best defines which term?

Gross Domestic Product (GDP)

Consumer Price Index (CPI)

Unemployment Rate

Intermediate Goods

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which section of the business cycle is described by a decreasing GDP, unemployment, and lower consumer spending?

Expansion

Peak

Contraction

Trough

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Nguyen receives a 3% increase in wages this year. The national inflation rate is 5%. Which of the following is happening to Nguyen?

He has more money to spend and is able to purchase more goods and services.

He has more money to spend, but is able to purchase fewer goods and services.

He has less money to spend, but is able to purchase more goods and services.

He has less money to spend, and is able to purchase fewer goods and services.

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

An increase in the average level of prices is called...

Contraction

Expansion

GDP

Inflation

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The job of the Federal Reserve Bank is to...

Regulate money supply within the economy.

Set and monitor bank reserves.

Supply the economy with paper money.

All of the Above.

6.

MULTIPLE SELECT QUESTION

1 min • 1 pt

Which of the following monetary policy can the Fed take to promote business investment and household consumption? (There are multiple correct answers).

Raise interest rates.

Reduce interest rates.

Raise the reserve requirements.

Reduce the reserve requirements

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

When a bank is required to hold less money in its reserves, the bank can do what with its excess money?

Create new loans.

Donate to charity.

Print new currecny.

Raise the interest rate.

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