
GFL Strand 1, Standard 1: Basic Economic Principles
Authored by Adam Hunt
Business
11th Grade
Used 58+ times

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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who are the main participants in the economy?
Businesses, households, and the government.
Only businesses and their owners.
The government and large companies.
Local stores and community groups.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does GDP stand for?
General Data Product.
Gross Domestic Product.
Government Development Program.
Global Domestic Policy.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is GDP important?
It shows the total value of all goods and services in a country.
It tracks only the profits of big businesses.
It tells how much money people save.
It measures how much the government spends.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is inflation?
The rise in prices of goods and services over time.
A decrease in the cost of living.
A rise in the number of businesses.
A drop in the economy’s total output.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does inflation affect your money?
It increases the buying power of your money.
It decreases how much your money can buy.
It has no effect on spending or savings.
It makes goods and services cheaper.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is an economic expansion?
A period when the economy grows and businesses thrive.
A time when the economy slows down.
A sharp drop in jobs and economic activity.
The shutdown of major industries.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a recession?
A time when prices rise very quickly.
A period of declining economic activity.
A sharp increase in the economy’s growth.
A time when there are too many jobs available.
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