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Econ Final Exam

Total questions: 170

Worksheet time: 2hrs 17mins

Name
Class
Date
1.
The cost of the next best choice or alternative
a)
scarcity
b)
opportunity cost
c)
voluntary exchange
2.

Unlimited wants and limited resources

a)

scarcity

b)

opportunity cost

c)

voluntary exchange

3.

People rely on others to provide goods and services

a)

Self-Sufficiency

b)

Interdependence

4.
Supply is greater than demand
a)
surplus
b)
shortage
5.
Demand is greater than supply
a)
surplus
b)
shortage
6.
 Identify which of the following is not one of the questions we have to answer in Economics.
a)
what to produce
b)
how to produce
c)
who produces what
d)
for whom to produce
7.

Identify the factor of production that people supply to businesses in exchange for wages

a)

land

b)

labor

c)

capital

d)

entrepreneur

8.

What is a basic component of capitalism besides limited government, freedom of enterprise, and competition?

a)

Division of labor

b)

Mass production

c)

Property rights

d)

Capital goods

9.

Which economic system is based on production of goods using customs and habits?

a)

Command

b)

Free enterprise

c)

Mixed

d)

Traditional

10.

What do businesses provide for consumers according to the circular flow model?

a)

goods and services

b)

only goods

c)

only services

d)

taxes

11.

In the circular flow model, the product market describes _____.

a)

stores that sell goods and services to households

b)

the government paying for public goods

c)

households selling their labor to businesses

d)

households receive income from businesses

12.
The four types of economic systems are: 
a)
Traditional, Command, Mixed, & Market
b)
Traditional, Command, Combined, & Market
c)
Communism, Capitalism, Free Market, and Macroeconomics
d)
Microeconomics, Macroeconomics, Individual, and Traditional.
13.
A command economy is when the government is in control.
a)
True
b)
False
14.
Which of the following is an economic system in which economic decisions are made according to social roles & culture?
a)
Market economy
b)
Command economy
c)
Traditional economy
d)
Mixed economy
15.

There are four types of economic systems. All economies are _____.

a)

Traditional

b)

Command

c)

Market

d)

Mixed

16.

The government has little to no role in the production of goods in this type of economy.

a)

Traditional

b)

Mixed

c)

Command

d)

Market

17.

In this type of economy, the government places control on businesses, but the individual decides what to make.

a)

Mixed

b)

Market

c)

Command

d)

Traditional

18.

In a command economy, key economic decisions are made by _____________.

a)

a central authority

b)

entrepreneurs

c)

individuals

d)

capitalists

19.

Which of the following are factors of production?

a)

land, labor, and capital

b)

technology, productivity, and resources

c)

owners, workers, and factories

d)

countries, states, and cities

20.

Scarcity forces

a)

people to decide how to spend their time.

b)

companies to decide whether or not to hire more workers.

c)

governments to decide between fixing infrastructure or hiring more firefighters.

d)

all of the above.

21.

Every decision involves trade-offs because

a)

everyone has to make decisions.

b)

everyone’s resources are limited.

c)

some people have more money than others.

d)

some decisions are made for business, others for society.

22.

Which statement best describes the role of government in a free enterprise system?

a)

It controls all decisions about business activities, including profit levels.

b)

It forms companies and then allows individual managers to run them.

c)

It regulates businesses when the public interest is involved.

d)

It follows a strict policy of laissez-faire.

23.

When is a market at equilibrium?

a)

When quantity demanded equals quantity supplied.

b)

When unsold goods begin to pile up.

c)

When prices equal the cost of production.

d)

When suppliers begin to reduce prices.

24.

Which of the following is an economic goal of the US?

a)

create government economic policies.

b)

enact government spending proposals.

c)

economic freedom.

25.
In a society with a command economy who answers the basic economic questions?
a)
consumers in markets
b)
producers in markets
c)
a central government
d)
a military commission
26.
Which of the following would cause consumers to demand fewer slices of pizzas?
a)
an increase in the supply of pizza slices
b)
a decrease in the supply of tacos
c)
an increase in the price of pizza slices
d)
a decrease in the price of pizza slices
27.
When the price of something increases, the quantity demanded ____
a)
increases.
b)
decreases.
c)
remains unchanged
d)
reverses.
28.
What is the relationship between income and demand?
a)
A decrease in income increases demand
b)
A decrease in price decreases income
c)
An increase in price increases income
d)
An increase in income increases demand
29.
Which of these best describes the influence of high prices on the behavior of producers?
a)
They are an incentive for producers to produce more.
b)
They are an incentive for producers to buy less.
c)
They encourage producers to modify their supply schedules.
d)
They have no significant overall effect on producer behavior.
30.
According to the Law of Supply, which of these would happen to an item as its price rose?
a)
Producers would make less of it.
b)
Producers would make more of it.
c)
Producers would increase the price even more.
d)
Producers would lower the price on similar items.
31.
Factors that can cause a change in supply include
a)
technology and government regulations
b)
increases in the number of sellers and market expectations.
c)
increased or decreased government subsidies
d)
all of the above
32.

In the circular flow model, the factor market describes _____.

a)

stores that sell goods and services to households

b)

the government paying for public goods

c)

households selling their labor to businesses

d)

households receive income from businesses

33.
What is the production possibilities curve?
a)
a graph that shows how much an economy can produce between 2 goods
b)
how much money something is
c)
the opportunity one has to give up in order to gain something else
d)
land, labor, capital, entrepreneurs
34.
Efficiency is producing the maximum possible output from available resources
a)
True
b)
False
35.

What does point B represent?

a)

Production is staying the same

b)

Productive inefficiency

c)

Productive efficiency

36.
Which point represents "resources are not being used efficiently, or resources are being wasted or idle"?
a)
Point A
b)
Point Y
c)
Point X
d)
All of the above
37.

Point at which supply and demand curve intersect each other

a)

price ceiling

b)

excess demand

c)

equilibrium

d)

disequilibrium

38.
What is the Equilibrium Price?
a)
1
b)
2
c)
3
d)
4
39.

When quantity supplied is smaller than quantity demanded, you have a ____________.

a)

shortage

b)

surplus

c)

deficit

d)

equilibrium

40.

A situation in which the quantity supplied is greater than the quantity demanded is

a)

a shortage

b)

a surplus

c)

a price floor

d)

a price ceiling

41.

Which of these demonstrates a surplus of goods?

a)
b)
c)
d)
42.

Which of the following demonstrates price equilibrium?

a)
b)
c)
d)
43.

Which of these demonstrates a shortage of goods?

a)
b)
c)
d)
44.

Scarcity means:

a)

Too much of something you wanted

b)

The exact amount of something you wanted

c)

Not enough of something you wanted

45.

Scarcity is defined as a limited supply of resources and...

a)

limited wants for those resources

b)

unlimited resources

c)

limited resources

d)

unlimited wants for available resources

46.
The diagram represents a
a)
increase in demand
b)
decrease in demand
47.
Which graph below shows the SUPPLY CURVE?
a)
A
b)
B
c)
C
d)
D
48.
This part of the market determines SUPPLY
a)
buyers
b)
sellers
c)
consumers
d)
us
49.
The diagram represents a(n)
a)
increase in supply
b)
decrease in supply
c)
change in quantity supplied
d)
none of the above
50.
Sam loves science and wants to become a doctor but he is learning how to make clay bricks like his father and grandfather.
a)
Free Market
b)
Traditional
c)
Mixed
d)
Command
51.
Katia is an accountant in a government run business where she was placed after graduation.
a)
Command
b)
Traditional
c)
Free Market
d)
Mixed
52.
Ted is working towards his dream of becoming a lawyer by working at a law firm as a legal clerk.
a)
Free Market
b)
Traditional
c)
Command
53.
Sally works in a private company that has to follow government rules for public safety.
a)
Free Market
b)
Command
c)
Mixed
d)
Traditional
54.
Who or what answers the basic economic questions in a traditional economy?
a)
Individuals and Businesses
b)
Government
c)
Custom
d)
Individuals, Businesses, and Government
55.

Which economic system does the government make all economic decisions and owns most of the property - it is sometimes called communism?

a)

Traditional

b)

Command

c)

Market

d)

Mixed

56.

Which economic system are all resources privately owned and the buyers and sellers answer the three economic questions?

a)

Traditional

b)

Command

c)

Market

d)

Mixed

57.

The business cycle is made up of how many phases?

a)

5

b)

4

c)

3

d)

2

58.

GDP declines during a(an)

a)

peak

b)

contraction

c)

expansion

59.

Which of the following is a peak?

a)

A

b)

B

c)

C

d)

D

60.

Which of the following is a recession, or contraction?

a)

A

b)

B

c)

C

d)

D

61.

Which of the following is an expansion, or recovery?

a)

A

b)

B

c)

C

d)

D

62.

Nominal GDP - _____ = Real GDP

a)

Inflation

b)

Unemployment

c)

Imports

d)

Exports

63.

GDP divided by ______ = GDP per capita

a)

population

b)

income

c)

wealth

d)

production

64.

When the economy experiences an expansion, it is most likely the case that

a)

GDP is increasing, unemployment is increasing, and inflation is decreasing

b)

GDP is decreasing, unemployment is decreasing, and inflation is increasing.

c)

GDP is increasing, unemployment is decreasing, and inflation is increasing

d)

GDP is decreasing, unemployment is decreasing, and inflation is decreasing.

65.

GDP is an important economic measurement because it

a)

provides valuable data on unemployment rates.

b)

provides valuable data on inflation rates.

c)

measures the value of final goods and services produced by a country.

d)

measures only the exports of a country

66.

What term is used to describe the percent of the labor force that does not have a job but is currently looking for one?

a)

Leading economic indicator

b)

Full employment

c)

Unemployment rate

d)

workforce

67.

What term is used to describe an increase in the general price level?

a)

Deflation

b)

Monetary policy

c)

Stagnation

d)

Inflation

68.

Which term describes the phases of expansion and contraction in an economy over time?

a)

Recessions

b)

Prosperity

c)

Total product oscillations

d)

Business cycles

69.

Which of the following is associated with peaks in the business cycle?

a)

Relatively high levels of unemployment

b)

Relatively low levels of unemployment

c)

Recessions

d)

Both High Unemployment and Recession

70.

Refers to an increase in the general price level associated with an increase in the cost of production.

a)

Supply Inflation

b)

Cost Push Inflation

c)

Imported Inflation

d)

Demand Pull Inflation

71.

_______ occurs when people are in between jobs, entering and reentering the labor force.

a)

Cyclical unemployment

b)

Technological unemployment

c)

Frictional unemployment

d)

Seasonal unemployment

72.

Who among the following would be considered as unemployed?

a)

A graduating student of legal age to work

b)

An entrepreneur in the process of starting a new business

c)

A secretary who has resigned from work & looking at job ads

d)

A housewife running 2 internet shops at the same time

73.

When individuals lose jobs due to a decline in the economy (aggregate demand), often during an economic recession.

a)

Structural Unemployment

b)

Cyclical Unemployment

c)

Frictional Unemployment

d)

Seasonal Unemployment

74.

Individuals are unemployed due to a lack in skills that modern industries need, change in technology.

a)

Cyclical Unemployment

b)

Frictional Unemployment

c)

Structural Unemployment

d)

Seasonal Unemployment

75.

Sum of the employed and the unemployed

a)

Employed

b)

Unemployment

c)

Labor Force

76.

Most countries try to maintain an inflation rate of ______ per year.

a)

One percent or less

b)

Two to three percent

c)

Four to five percent

d)

Six to seven percent

77.
When inflation is high the _______________of the dollar decreases
a)
cost value
b)
purchasing power
c)
importance
d)
validity
78.
What 2 types of inflation are there?
a)
demand pull and cost push
b)
demand pull and supply glut
c)
supply glut and demand side
d)
supply inflation and demand inflation
79.
What causes demand pull inflation?
a)
rise in price due to a decrease in supply
b)
a rise in price level due to an increase in consumption
c)
a rise in price due to an increase in the cost of production
d)
a decrease in price due to a decrease in supply
80.
Fiscal policy is
a)
decisions the government makes to fight inflation
b)
actions the the Federal Reservice takes to control money supply
c)
does not help with inflation
81.
Which of these is NOT a monetary policy tool?
a)
Discount rate
b)
Balance Accounts
c)
Open Market Operation
d)
Reserved Requirements
82.
What is an action of monetary policy?
a)
reduce taxes
b)
changing reserve requirements
c)
increase spending
d)
borrow money for deficit
83.
The central bank in the USA that regulates the monetary system
a)
The FED
b)
FDIC
c)
The IRS
d)
Social Security
84.
If the Federal Reserve wanted to stimulate the economy (make it grow), they might
a)
Sell Treasury bonds
b)
Buy Treasury bonds
c)
Spend more money
d)
Spend less money
85.
Which of the following scenarios would cause the nation’s money supply to increase?
a)
Decreasing government spending
b)
Lowering interest rates
c)
Raising interest rates
d)
Selling bonds to investors
86.
The Fed keeps a certain amount of money out of circulation. This is referred to as....
a)
Reserve requirement
b)
Emergency Fund
c)
Stockpile
d)
Hoard
87.
Which of the following are responsible for making fiscal policy decision? 
a)
The President and Congress
b)
The Federal Reserve System
c)
The National Council of Economic Advisors
d)
The commerce Department
88.
Taxing & spending to help the economy grow is referred to as
a)
expansionary policy
b)
monetary policy
c)
contractionary policy
d)
budget deficit
89.
Taxing & spending to slow the economy is referred to as 
a)
budget surplus 
b)
monetary policy
c)
contractionary policy
d)
budget deficit
90.
If the unemployment rate is rising and GDP is falling, the fiscal policy action that the federal government should MOST likely follow is 
a)
decreasing taxes.
b)
decreasing spending.
c)
decreasing the money supply.
d)
decreasing the reserve requirement.
91.
Which of the following is not a tool of fiscal policy?
a)
Taxing
b)
Spending
c)
Interest Rates
d)
All of these options are tools of fiscal policy.
92.
When the government raises taxes, what does it take out of circulation?
a)
Money
b)
Credit
c)
People
d)
Jobs
93.
True or False-- the Federal Reserve helps with fiscal policy
a)
True
b)
False
94.
The price elasticity of demand measures how much
a)
quantity demanded responds to a change in price.
b)
quantity demanded responds to a change in income.
c)
price responds to a change in demand.
d)
demand responds to a change in supply.
95.

How does elasticity affect potential revenue for a firm?

a)

If demand for a good is inelastic, lowering the price could raise revenue.

b)

If demand for a good is inelastic, raising the price could reduce revenue.

c)

If demand for a good is elastic, raising the price must increase revenue.

d)

If demand for a good is elastic, raising the price could reduce revenue.

96.
Describes very little a change in demand with a large change in price 
a)
elastic 
b)
inelastic 
c)
demand curve 
d)
price 
97.

Which of these demonstrates inelastic demand?

a)
b)
c)
d)
98.

Goods with elastic demand are likely to

a)

Have lots of close substitutes

b)

Be addictive in nature

c)

Take up a small proportion of a consumer's regular spending

d)

Have a high degree of customer loyalty

99.

Price elasticity of supply is the responsiveness of

a)

demand to a change in price.

b)

price to a change in supply.

c)

quantity supplied to a change in price.

d)

price to a change in supply.

100.

If the firm can increase production quickly, then it will be possible for the firm to increase supply. This means supply is

a)

Elastic

b)

Inelastic

c)

Unitary elasticity

101.
If the price of printers goes down, what happens in the market for ink cartridges?
a)
Supply increases.
b)
Supply decreases.
c)
Demand increases.
d)
Demand decreases
102.

What will happen in the car market if consumers expect higher prices in the future?

a)

The demand for cars will decrease

b)

The demand for cars will increase

c)

The supply of cars will drop

d)

The demand for cars will not change

103.

Which of the following pairs is an example of substitutes?

a)

Cereal and milk

b)

Calculators and ipods

c)

Gatorade and Powerade

d)

Water skiing and skateboarding

104.

If price of tea decreases, what is the affect on the demand for coffee?

a)

The demand for tea is not affected

b)

The demand for coffee decreases

c)

The demand for tea decreases

d)

The demand for coffee increases

105.

Which of the following would NOT shift the supply curve for iphones?

a)

An increase in the price of iphones

b)

A decrease in the number of sellers of iphone

c)

An increase in the price of plastic, an input into the production of iphones

d)

An improvement in the technology used to produce iphones

106.

The amount of goods available at each price

a)

Quantity supply

b)

Demand

c)

Utility

d)

Equilibrium

107.

Which of the following leads to a decrease in supply?

a)

An increase in the cost of raw materials

b)

Diminishing marginal returns

c)

A decrease in the cost of raw materials

d)

A change in the law of supply

108.

What might cause the supply curve to shift left?

a)

Price of a complementary good decreases

b)

Large number of producers enter the market

c)

Computer processing improves production

d)

A new law is passed requiring all new motorcycles to have back-up cameras

109.

What affect do increasing taxes on production usually have on the supply curve?

a)

Decreases supply, supply curve shifts left

b)

Increases supply, supply curve shifts left

c)

Decreases supply, supply curve shifts right

d)

Increases supply, supply curve shifts right

110.
What is the Equilibrium Price?
a)
1
b)
2
c)
3
d)
4
111.
What is the Equilibrium Quantity?
a)
50
b)
60
c)
70
d)
80
112.

Any price where quantity demanded is not equal to the quantity supplied is known as disequilibrium.

a)

True

b)

False

113.

Changes in either demand or supply cause changes in market equilibrium.

a)

TRUE

b)

FALSE

114.

When suppliers enter a market, supply will

a)

Increase

b)

Decrease

c)

Stay the same

115.

Which of the following would NOT be a determinant of demand?

a)

The price of related goods

b)

Income

c)

Tastes

d)

The prices of the inputs used to produce the good

116.

Michael has been invited by a friend to go fishing on Friday. His parents are going to a concert. Michael chooses to go fishing with his friend. What is his opportunity cost?

a)

fishing with a friend

b)

going to a concert

117.

Andrea has planned a trip to the beach for her family on Labor Day. Her daughter has been invited to the mountains by a friend. Her daughter decides to go to the beach. What is her opportunity cost?

a)

a trip to the beach

b)

a trip to the mountains

118.

Your favorite snack has a sudden price increase of $2. You are forced to settle for a substitute cheaper snack. The demand for your favorite snack is

a)

Inelastic

b)

Elastic

c)

Unitary Elastic

d)

Ceteris Paribus

119.

According to the Total Revenue Test for elastic demand, as prices go ____________, total revenue goes _____________.

a)

Up; Up

b)

Down; Up

c)

Up; Down

d)

Down; Down

120.

If the price of gas goes up and total revenue goes up, what does that say about the elasticity of gas?

a)

Gas is Elastic

b)

Gas is Inelastic

c)

Gas is Unitary Elastic

121.
An effective price floor must be set above equilibrium, resulting in:
a)
a shortage
b)
a surplus
c)
limited choices
d)
None of the above
122.
If the government set the price at $700, would that be a price ceiling or floor?
a)
Price Ceiling
b)
Price Floor 
c)
Neither
123.
If an effective rent ceiling is eliminated, which of the following is most likely to occur in the rental housing market? 
a)
An increase in the demand for housing, resulting in a decrease in the quantity of housing supplied 
b)
An increase in the demand for housing, resulting in an increase in the quantity of housing demanded 
c)
An increase in rents, resulting in an increase in the quantity of housing supplied 
d)
A decrease in rents, resulting in an increase in the quantity of housing supplied 
124.

When a price ceiling is imposed in a market:

a)

A surplus results

b)

Sellers of the product are made better off

c)

A shortage results

d)

Quantity supplied is greater than the quantity demanded

125.

A _______________ is a maximum price sellers are allowed to charge for a good. It's an upper limit for the price.

a)

equilibrium

b)

shortage

c)

surplus

d)

price ceiling

126.

This is the minimum price buyers are required to pay for a good. It's a lower limit for the price.

a)

equilibrium

b)

shortage

c)

price floor

d)

price ceiling

127.

A price floor will result in a

a)

shortage

b)

surplus

c)

equilibrium price

d)

equilibrium quantity

128.
A price floor, such as minimum wage, is a 
a)
legal maximum price for a good or service.
b)
market equilibrium price caused by a shortage.
c)
market equilibrium price caused by a surplus.
d)
legal minimum price for a good or service.
129.
An effective price floor must be set above equilibrium, resulting in:
a)
a shortage
b)
a surplus
c)
limited choices
d)
None of the above
130.
Which of the following is an advantage of setting a price ceiling?
a)
Suppliers maximize their profits.
b)
Consumers can purchase as much as they want. 
c)
Consumers can continue to afford an essential good or service. 
d)
The market will be forced into equilibrium.
131.
What does this curve represent?
a)
demand
b)
supply
c)
equilibrium
d)
shortage
132.
What does this curve represent?
a)
supply
b)
equilibrium
c)
demand
d)
surplus
133.
Price controls are 
a)
market forces that move a market to equilibrium
b)
legally mandated maximum or minimum prices for a good or service
c)
limits on the amount a company is allowed to produce
d)
limits on the amount a consumer is allowed to purchase
134.
When inflation is high the _______________of the dollar decreases
a)
cost value
b)
purchasing power
c)
importance
d)
validity
135.

How is inflation measured?

a)

By comparing average prices of all goods and services produced

b)

Consumer Price Index

c)

Producer Price index

d)

Government Price Index

136.

Inflation caused by a rise in wage rates would be classified as..

a)

Demand pull

b)

Demand push

c)

Cost push

d)

Cost pull

137.

Inflation caused by an increase in consumption would be classified as..

a)

Demand pull

b)

Demand push

c)

Cost push

d)

Cost pull

138.

Inflation is most likely to occur during which phase of the business cycle

a)

Expansion

b)

Contraction

139.

Unemployment is most likely to occur during an economic expansion

a)

True

b)

False

c)

12

d)

Yes

140.

If the rate of inflation rises above their target level what does the Federal Reserve do?

a)

Increasing bond prices

b)

They put more money into circulation

c)

Decreases interest rates

d)

They take excess money out of circulation

141.

What is GDP?

a)

Gross Domestic Product

b)

Get Duties Prior

c)

Gross Department Power

d)

Gross Duties Peer

142.
What type of GDP is calculated with the current year's prices?
a)
Nominal GDP
b)
Real GDP
c)
GDP per capita
143.
High levels of GDP per capita indicate...
a)
Higher levels of happiness 
b)
Higher standard of living
c)
Equal levels of wealth 
d)
Self-sufficient communities
144.
Which of the following is not a tool of fiscal policy?
a)
Taxing
b)
Spending
c)
Interest Rates
d)
All of these options are tools of fiscal policy.
145.

Which policy would help fight unemployment?

a)

Expansionary Policy

b)

Contractionary Policy

146.

During rapid expansion, the Federal Government should use...

a)

Expansionary Policy

b)

Contractionary Policy

147.

If income rises faster than the inflation rate %, what does that do to our purchasing power?

a)

Increases purchasing power

b)

Decreases purchasing power

148.

Which is an intermediate good in a bakery?

a)
Cake
b)

Cupcakes

c)
Eggs
d)

Bread

149.

When inflation rise, purchasing power.......

a)

Goes up

b)

Goes down

150.

If I get a 2% raise and inflation is currently 4%, what is my real income growth rate?

a)

1%

b)

2%

c)

-2%

d)

3%

151.
What causes cost push inflation
a)
An increase in demand for goods and services
b)
An increase in supply
c)

A rise in production costs

d)
A fall in the price of imports
152.
What 2 types of inflation are there?
a)
demand pull and cost push
b)
demand pull and supply glut
c)
supply glut and demand side
d)
supply inflation and demand inflation
153.

Which of the following causes of inflation is often described as “too much money chasing too few goods”?

a)

Demand-pull inflation

b)

Cost-push inflation

c)

Demand-push inflation

d)

Cost-pull inflation

154.

Who is in charge of Monetary Policy

a)

The Government

b)

The Federal Reserve System

c)

The states

d)

The Department of the Treasury

155.

Monetary Policy is the Federal Reserve Systems attempt to...

a)

control the amount of money in circulation

b)

control the Federal Government's debt

c)

control state governments' spending

d)

none of these answers are correct.

156.
Which of these is NOT a monetary policy tool?
a)
Discount rate
b)
Balance Accounts
c)
Open Market Operation
d)
Reserved Requirements
157.

An expansionary policy means that the Fed is attempting to

a)

increase the size of the nation's money supply

b)

decrease the size of the nation's money supply

158.

A contractionary policy means that the Fed is attempting to

a)

increase the size of the nation's money supply

b)

decrease the size of the nation's money supply

159.

Fiscal Policy is controlled by...

a)

The Government

b)

The Federal Reserve System

c)

The states

d)

The Department of Commerce

160.
Taxing & spending to help the economy grow is referred to as
a)
expansionary policy
b)
monetary policy
c)
contractionary policy
d)
budget deficit
161.
Taxing & spending to slow the economy is referred to as 
a)
budget surplus 
b)
monetary policy
c)
contractionary policy
d)
budget deficit
162.

During a economic expansion, the Federal Government should use...

a)

an expansionary fiscal policy

b)

a contractionary fiscal policy

163.

During a contraction / recession, the Federal Government should use

a)

an expansionary fiscal policy

b)

a contractionary fiscal policy

164.

A trend line will show-

a)

an increase in Real GDP over time.

b)

only economic recessions.

c)

only economic expansions.

165.

GDP declines during a

a)

peak

b)

recession

c)

expansion

166.

Is this counted in the GDP of the US?

Cars made by a US company in South Korea.

a)

Yes

b)

No

167.

Is this counted in the GDP of the US?

The materials (lumber, cement, bricks) used to build a house.

a)

Yes

b)

No

168.

Is this counted in the GDP of the US?

A new home that was recently built.

a)

Yes

b)

No

169.

Which of the following is NOT part of GDP:

a)

a new car that is sold

b)

a teacher working in the classroom

c)

a used TV on Craigslist

d)

no answer

170.
When the government raises taxes, what does it take out of circulation?
a)
Money
b)
Credit
c)
People
d)
Jobs

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