ECON - Unit 4 Practice Test
Quiz
•
Social Studies
•
12th Grade
•
Easy
Wayground Content
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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
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
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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