ECON - Unit 4 Practice Test

ECON - Unit 4 Practice Test

12th Grade

20 Qs

quiz-placeholder

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ECON - Unit 4 Practice Test

ECON - Unit 4 Practice Test

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Easy

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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The U.S Air Force buys 5 new fighter jets for $2 billion Which sector of the GDP equation would include this purchase?

Consumer Spending

Investment Spending

Government Spending

Net Exports

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Comparing real GDP between two consecutive years is MOST useful in determining which economic measurement?

Economic growth

Equity

Exchange rates

Equilibrium price

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Point #2 on the graph indicates a __________ of the business cycle.

Peak

Trough

Contraction

Expansion

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A sales tax has a lower impact on a person who earns a larger income. Therefore, a sales tax is a ________________.

progressive tax

proportional tax

regressive tax

excise tax

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The best definition of inflation is:

No changes in the price level

Fluctuations in the price level

A rise in the price level

A decrease in the price level

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Point #4 on the graph indicates a __________ of the business cycle.

Peak

Trough

Contraction

Expansion

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A market basket is generally used to

advertise new products for companies.

compare prices of goods between years to calculate the consumer price index.

determine the total amount of real gross domestic product.

compare prices of goods between competing stores.

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