WorksheetsChapter 12 "Economic Indicators and Measurements"
Total questions: 25
Worksheet time: 13mins
Before Adam Smith, many people believed that economic growth was caused by
technology and innovation
population growth and higher taxation
natural resources and capital
technology and innovation
The idea that national wealth comes through exporting more goods than a country imports is called
imperialism
colonialism
mercantilism
capitalism
The Great Depression ended when
the New Deal was enacted
the United States entered World War II
Franklin D. Roosevelt became president
federal funding increased
The contraction of the mid-1970s was triggered in part by the
Oil Embargo of 1973
Steel Strike of 1975
Coal Strike of 1976
Cotton Embargo of 1974
Which of the following is an example of a leading indicator?
length of unemployment
personal income
sales volume
consumer expectations
An example of a coincident indicator is
personal income
stock prices
orders for consumer goods
length of unemployment
Measures of economic performance that usually change after real GDP changes are called
subsequent indicators
leading indicators
lagging indicators
coincident indicators
Which of the following is considered to be a nondurable good?
a refrigerator
a restaurant meal
a cell phone
a dental exam
GDP that is stated in the price levels for the year in which the GDP was measured is called
yearly GDP
real GDP
nominal GDP
fiscal GDP
In the United States, the severe contraction that started in 1929 is commonly called the
Great Contraction
Great Crash
Great Recession
Great Depression
The total amount of goods and services that households, businesses, government, and foreign purchasers will buy at each price level is called
absolute demand
overall demand
total demand
aggregate demand
The highest point of a business cycle is called the
peak
apex
pinnacle
trough
Which of the following often happens during a contraction?
Resources become more scarce, and prices fall.
Resources become less scarce, and prices fall.
Resources become more scarce, and prices rise.
Resources become less scarce, and prices rise.
An extended period of high unemployment and limited business activity is called a
peak
trough
depression
stagflation
The total income earned in a nation from the production of goods and services in a given time period is called
state income
national income
federal income
government income
An example of a non-market activity is
buying food for a birthday party
performing one's own home repairs
selling stocks that have declined in value
opening a very small business
The underground economy includes market activities that
involve earth excavation, such as mining
are reported by nonprofit organizations
go unreported by nonprofit organizations
are reported by the government
Inventory investment is made up of
unsold goods that businesses have on hand
goods that businesses have already sold
goods that businesses plan to acquire
capital goods, such as equipment
An example of a durable good is a(n)
chocolate bar
truck
disposable camera
apple
The market value of all final goods and services produced within a nation in a given time period is called
national income product
national domestic product
gross income product
gross domestic product
Demand deposits are
certificates of deposit
checking accounts
money market accounts
savings accounts
What type of money is issued by the United States government?
fiat money
representative money
near money
commodity money
One of the physical properties of money is
acceptability
scarcity
stability of value
portability
One of the economic properties of money is
durability
uniformity
scarcity
divisibility
A money that can be saved without losing its value over time acts as a
fiat money
medium of exchange
store value
standard of value
