Econ Unit 3: Economic Performance
Flashcard
•
Social Studies
•
9th - 12th Grade
•
Hard
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7 questions
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1.
FLASHCARD QUESTION
Front
"The amount in dollars of all final goods and services produced in a country in a year" is a definition of
Back
Gross Domestic Product
2.
FLASHCARD QUESTION
Front
True or False: Gross domestic product (GDP) includes products produced by American companies outside of the U.S.
Back
False
3.
FLASHCARD QUESTION
Front
Inflation is an indication of:
Back
a general increase in all prices of goods and services
4.
FLASHCARD QUESTION
Front
The Consumer Price Index (CPI) is used to measure:
Back
the rate of inflation
5.
FLASHCARD QUESTION
Front
What is the Consumer Price Index (CPI)?
Back
It tracks the changes in prices of a selection of goods and services from year to year.
6.
FLASHCARD QUESTION
Front
In times of deflation, prices start to go down. Is this good or bad for an economy?
Back
This is bad, because it is a sign that demand is down and the economy is shrinking.
7.
FLASHCARD QUESTION
Front
What does the government do to help combat the effects of inflation on people living on fixed incomes? Options: pass cost of living adjustments (COLA) for those on Social Security, lower the retirement taxes, give them low interest rate loans, offer more social services
Back
pass cost of living adjustments (COLA) for those on Social Security
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