WorksheetsIntro to Bus Ch1-2 Review
Total questions: 11
Worksheet time: 6mins
Economic Growth refers to the steady growth in the production of goods and services.
True
False
__________ occurs at the top of the business cycle.
Recession
Contraction
Peak
Expansion
Suppose wages are going up faster than prices. What is the most likely effect?
Unemployment will worsen because businesses will hire fewer employees
Consumers will begin to buy fewer products
3 letter acronym that describes a tool to measure inflation
(a)
Which is a component of GDP?
Consumer spending
Business spending for buildings, equipment, and inventory
Government spending to pay employees and to buy supplies
Exports of a country - imports of a country
All of the above!
The ___________ is the point where supply and demand are equal.
opportunity cost
scarcity
market price
Wants & Needs
The more goods and services produced, the healthier an economy is considered to be.
True
False
In the U.S. all people over the age of 21 do not have a full time job are considered to be unemployed.
True
False
GDP measures a country's economic output during
one week
one month
one year
a five year period
Which of these items would count towards a country's GDP?
tomatoes still growing on the vine
sheets of steel
rolls of raw fabric
a fully assembled washing machine
Which of the following is NOT an example of a depression in the business cycle?
high demand for goods and services
a prolonged period of high unemployment
businesses closing
rapid decrease in GDP
