3.1 - Intro to Business- US Economic History

The United States has experienced two major economic shifts, starting with an agricultural economy and ending with an industrial economy.

• True

• False

Though the United States has a very high GDP compared to some countries, it has a low standard of living.

• True

• False

An important measure of economic strength is the rate of inflation.

• True

• False

During the early 1600s, the U.S. economy was

• agriculture-based.

• industry based

• service based

• information based

Figures used to measure economic performance are called

• economic measurements.

• economic indicators.

• performance indicators.

• economic performance.

A general increase in the price of goods and services is called

• upsurge

• inflation

• deflation

• recession

The unemployment rate measures the number of people who

• are able and willing to work but cannot find work.

• are willing to work.

• are currently working.

• all of the above

When the supply of goods is greater than demand, it can result in

• inflation

• a surplus

• deflation

• a deficit.

The main source of income for a government is

• taxes

• revenue

• exports

• imports

The total amount of money a government owes is its

• national deficit

• federal deficit

• federal debt

• national debt