MKT - Economics Quizziz

When is an economy successful?

• High productivity, low unemployment, maintain stable prices

• High productivity, high unemployment, low prices

• Low productivity, low unemployment, high prices

How can a business increase productivity?

• Investing in new equipment

• Educating staff for greater productivity

• Providing financial incentives to workers

• Reducing the workforce and increasing responsibilities of those workers who remain

• All options above

What is the Gross domestic product?

• Output per worker hour that is measured over a defined period of time, such as a week, month, or year

• Output of goods and services produced by labor and property located within a country.

• Total dollar value of goods and services produced by a nation, including goods and services produced abroad by US citizen and companies

What does inflation refer to?

• Rising prices

• Rising interest rates

• Rising costs

What is a major role of government?

• Controlling competition

• Controlling inflation

• Controlling economic growth

What is true about the cost of living index?

• Measures the change in price over a period of time of some 40 specific retail goods and services used by the average urban household

• A measure of inflation

• All of the above

What is true about the unemployment rate?

• Higher unemployment rates result in a greater chance of an economic slowdown.

• Lower unemployment rates result in greater chances of an economic expansion

• It is an economic measurement

• All of the above

People will make what they always made and will do the same work their parents did. What type of economy is this?

• Market Economy

• Command Economy

• Traditional Economy

• Mixed Economy

In what economic system does government make ALL economic decisions and OWNS most of the property?

• Mixed Economy

• Command Economy

• Market Economy

• Traditional Economy

Who decides what to produce in a Market Economy?

• The government

• Businesses based on supply and demand

• Consumers