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WorksheetsIntro to Business Chapter 3
Total questions: 34
Worksheet time: 17mins
The United States has experienced two major economic shifts, starting with an agricultural economy and ending with an industrial economy.
TRUE
FALSE
Though the United States has a very high GDP compared to some countries, it has a low standard of living.
TRUE
FALSE
The U.S. economy is shaped by a mix of public and private forces.
TRUE
FALSE
Economies go through ups and downs.
TRUE
FALSE
During the early 1600s, the U.S. economy was
agriculture-based.
information-based
industry-based.
service-based
Figures used to measure economic performance are called
economic indicators
performance indicators
economic measurements
economic performance.
Economic indicators measure
how much a country is producing.
whether its economy is growing.
how the country compares to others.
all of the above
A general increase in the price of goods and services is called
recession
deflation.
inflation
upsurge.
The unemployment rate measures the number of people who
are able and willing to work but cannot find work.
are currently working.
are willing to work.
all of the above
When the supply of goods is greater than demand, it can result in
a surplus.
deflation.
inflation
a deficit.
The main source of income for a government is
imports.
exports.
taxes.
revenue.
The total amount of money a government owes is its
federal deficit
national debt.
national deficit
federal debt
The rise and fall of economic activity over time is called
prosperity
a recession
the business cycle
inflation.
During a depression, there is
high unemployment and low production of goods and services
low unemployment and low production of goods and services
low unemployment and high production of goods and services.
high unemployment and high production of goods and services.
The stock market crash on October 29, 1929, is known as
Blue Friday.
Black Tuesday.
Black Friday.
Black Monday
During a recovery,
unemployment is nonexistent
money is scarce.
production starts to increase
GDP is stagnant.
The recovery of the Great Depression was helped by
World War II.
increased demand.
World War I
innovation.
Recovery is marked by
people going back to work
more money to purchase goods and services.
increases in production
all of the above
The Federal Reserve is a government agency that guides the economy by
regulating the amount of money in circulation
controlling interest rates.
controlling the amount of money loaned.
all of the above
During the early 1600s, the colonists bartered goods and services, which created our - based economy.
Industrial
service
economic indicators
Inflation
Figures used to measure economic performance are called .
economic indicators
Service
Unemployment
economic downfall
can be caused by increases in the costs of raw materials, expenses, and salaries.
Inflation
budget surplus
depression
deflation
When a government’s revenue exceeds its expenditures during a one-year period, it has a ____ .
economic problem
inflation
budget deficit
budget surplus
can occur when an economy produces more goods than people want, causing sellers to lower prices and cut production.
Deflation
recovery
inflation
recession
Economic activity slows down
recovery
depression
deflation
recession
A peak of economic activity
prosperity
standard of living
inflation
business cycle
The total value of the goods and services produced in a country in a given year
gross domestic product (GDP)
standard of living
inflation
business cycle
A general decrease in the price of goods and services
deflation
standard of living
inflation
business cycle
The rise and fall of economic activity over time
deflation
standard of living
inflation
business cycle
A general increase in the price of goods and services
deflation
standard of living
inflation
business cycle
The level of material comfort as measured by the goods and services that are available
deflation
standard of living
inflation
business cycle
The result of a government spending more on programs than it collects in taxes
deflation
budget deficit
inflation
business cycle
A rise in business activity after a recession or depression
deflation
recovery
inflation
business cycle
A deep recession that affects the entire economy and lasts for several years
deflation
depression
inflation
business cycle
