Economics Quiz
Authored by Terry Walker
Social Studies
12th Grade
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70 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the Business Cycle show?
The total value of all final goods and services produced by a country
The degree of wealth and material comfort available to a person
Periods of growth and decline in the economy
The rate at which prices increase over time
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the definition of Standard of Living?
The rate at which prices increase over time
The degree of wealth and material comfort available to a person or community
A measure of how much prices have changed over time
The percentage of people in the labor force who are unemployed
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does Gross Domestic Product (GDP) measure?
The rate at which prices increase over time
The total value of all final goods and services produced by a country in one calendar year
The degree of wealth and material comfort available to a person
The percentage of people in the labor force who are unemployed
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is Inflation?
A measure of how much prices have changed over time
The degree of wealth and material comfort available to a person
The rate at which prices increase over a period of time
The total value of all final goods and services produced by a country
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the Consumer Price Index (CPI) measure?
The total value of all final goods and services produced by a country
The degree of wealth and material comfort available to a person
How much prices have changed over time for a basket of goods and services
The percentage of people in the labor force who are unemployed
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the Unemployment Rate indicate?
The total value of all final goods and services produced by a country
The degree of wealth and material comfort available to a person
The percentage of people in the labor force who are unemployed but looking for work
The rate at which prices increase over time
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the phase of the business cycle when the economy experiences growth over a period of time?
Peak Period
Contraction Period
Expansion Period
Trough
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