Business Organization - Chapter 3.1 Quiz

Over time, the United states has experienced four major economic _______.

• indicators

• shifts

• systems

• trends

The United States had an agricultural-based economy during the _______.

• 1600s

• 1700s

• 1800s

• 1900s

Figures used to measure economic performance are called economic _______.

• indicators

• indices

• standards

• trends

The total value of the goods and services produced in a country in a given year is called its _______.

• economic performance

• gross domestic product

• national production

• standard of living

The more goods and services produced per person, the higher the _______.

• economic performance

• gross domestic product

• national production

• standard of living

An increase in the unemployment rate indicates an economy is _______.

• picking up

• market driven

• saturated

• slowing down

During a time of inflation, a person’s buying power _______.

• accelerates

• decreases

• fluctuates

• increases

A general decrease in the price of goods and services is called _______.

• deflation

• escalation

• inflation

• depression

The total amount of money a government owes is its _______.

• balance of trade

• budget deficit

• national debt

• public liability

When a government’s revenue exceeds it expenditures during a one-year period, it has a ______.

• balanced budget

• budget deficit

• budget surplus

• positive budget