CIA Final Quiz

All of the following are examples of a price ceiling EXCEPT...

• rent control

• a govt set price for farm goods

• cap on gas prices

• tuition at a Canadian university

Which of the following best describes structural unemployment?

• people not looking for a job

• people who are unable to work

• people between jobs

• people working at jobs beneath their training

A bull market is when the stock market is doing what?

• going down

• going up

• doing nothing

• spinning in circles

The minimum wage is an example of a price...

• floor

• ceiling

Fiscal policy involves the manipulation of ____ to affect the economy

Adam Smith said that people act out of....

• compassion

• self-interest

• hatred

• greed

A recession is when GDP is down for how many months?

• 5

• 6

• 3

• 12

Laissez faire is an economic term meaning what?

• free market

• leave it alone

• competition is good

• demand creates supply

The standard of living is a metric described as ...

• a measurement of the quality of life

• a measurement of the level of education

• a measurement of collective income level and services & comforts

• a measurement of life expectancy

Why study Economics?