WorksheetsITB Ch 3 Test Review
Total questions: 20
Worksheet time: 10mins
Which one is NOT one of the 4 business cycles?
Prosperity
Recession
Depression
Recovery
Poverty
What is the formula for calculating the unemployment rate?
# unemployed / # in labor force * 100
# employed / # in labor force * 100
# unemployed / # people in US * 100
What does GDP stand for?
Green Damage Poverty
Gross Domestic Product
Gross Domestic Profit
Gosh Darn People
Which one is NOT one of the 4 types of unemployment?
seasonal
temporary
industrial
cyclical
not wanted
Who satisfies public wants?
Mr. Ruggieri
The government
Schools
Big Business
Why does the US currently have a higher standard of living than in the past?
GDP Grew
GDP Shrank
It doesn't
What is the national debt?
The total amount of money the government owes
When the government spends more than they bring in in taxes
budget deficit
What is the difference between inflation and deflation?
Inflation is when price rises, while prices fall with deflation
Deflation is when price rises, while prices fall with inflation
They are the same thing
If there is an increase in demand (shift to the right), what happens to the equilibrium quantity and price?
Increases
decreases
Which one is NOT one of the 4 factors of production?
Human resources
Natural Resources
Labor Resources
Plastic resources
What is the difference between a recession and depression?
a recession is more severe and lasts longer
a depression is more severe and lasts longer
they are the same thing
a depression comes immediately after prosperity in the cycle
Economic indicators are used to measure a ____________ financial performance at the end of the year.
Country
Company
Business
states
Given the change in the U.S. unemployment rate over the past two years, which phase of the business cycle would you say the U.S. is currently experiencing?
Recession
Prosperity
Recovery
Inflation reduces the purchasing power of money.
True
False
.
.
A rise in business activity after a recession or depression is called the _____________ .
Recovery
Depression
Recession
Prosperity
People will probably cut back on spending during a(n) ______________.
Recession
Prosperity
Depression
What does downsizing cause?
Unemployment
Budget Surplus
Inflation
National Deficit
What is the term for figures used to measure economic performance?
Economic Indicators
GDP
National Numbers
Business Cycle
How long did the Great Depression Last?
About 10 years
4 years
2 years
6 months
Every business cycle includes a depression.
True
False
.
.
