
Econ Unit 5 FA Dummy 3, 2025-26
Authored by Adam Berkowicz
Social Studies
9th - 12th Grade

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38 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An economist explains that households provide labor to firms, which supply goods and pay wages in return. How does this exchange fit into economic models?
It describes the Circular Flow Diagram
It explains the Law of Demand
It is an example of market failure
It defines the consumer price index
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A professor uses a diagram showing households, firms, and markets exchanging money and goods. What key economic concept does this diagram illustrate?
Business Cycle
Circular Flow Diagram
Monetary Base
National Debt
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What term refers to the method of calculating GDP by adding total spending on final goods and services produced in an economy?
Income Approach
Expenditures Approach
Production Approach
Output Method
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The Expenditures Approach is best defined as a way to find GDP by summing all spending on final goods and services in a country.
A method that counts all income earned by workers
A method adding total spending on final goods and services
A way to calculate GDP by counting total production
A method that includes only government spending
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following best defines the Expenditures Approach?
Adding wages, rents, and profits in an economy
Summing up total spending on final products and services
Measuring total output by firms
Calculating GDP through investment alone
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the term for the GDP calculation method based on totaling consumer, investment, government, and net export spending?
Expenditures Approach
Income Approach
Production Function
Capital Method
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A study finds that consumer spending and government purchases both rose by 4% last year. Which GDP calculation method reflects this increase most directly?
Income Approach
Expenditures Approach
Production Approach
Employment Method
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