Economics Quiz

Everything people buy for personal use, such as food, clothing, cars, medical care, and recreation.

• Consumer spending

• Government Spending

• Business Spending

• Net Exports

Economic expansion is a period when the economy is growing and the GDP is rising.

• True

• False

Four stages of the business cycle are:

• extension, park, recreation, and trough

• Exception, Peek, Regression, and tough

• expansion, peak, recession, and trough

• expansion, peat, restitution, and trough

A country's exports minus imports.

• Net imports

• Net Income

• Net Exports

• New imports

Includes those who do not have a job but are actively looking for one.

• Employed

• retired

• Unemployed

• substitute

When GDP is falling, the economy is growing.

• True

• False

General decline in prices throughout an economy.

• Deportation

• Deflation

• Declination

• Degradation

Home mortgages, auto, student, business are types of loans.

• True

• False

Inflation tends to increase during periods of economic expansion.

• True

• False

Spending by national, state, and local governments.

• Consumer Spending

• Government Spending

• Business spending

• Net exports