Economics

What comes to mind when you hear the word "applied economics"?

What is scarcity?

• Unlimited resources

• Limited resources

• Excess supply

• Excess demand

What does GDP stand for?

• Gross Demand Production

• General Domestic Policy

• Gross Domestic Product

• General Demand Price

Which term describes the loss of potential gain from other alternatives when one alternative is chosen?

• Opportunity cost

• Supply and demand

• Inflation

• Unemployment

Explain in your own words what "inflation" means.

Which of the following can be a cause of inflation?

• Increased production costs

• Higher demand for goods and services

• Supply chain disruptions

• All of the above

Which policy involves the government adjusting its spending and tax rates to influence the economy?

• Fiscal Policy

• Monetary Policy

• Labor Policy

• Trade Policy