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Unit 6 Topic 1 Review Questions

Total questions: 11

Worksheet time: 4mins

Name
Class
Date
1.

Based on the image above, what is the name of #6?

a)

Aggregate Supply

b)

Price Level

c)

Aggregate Demand

d)

Current Economic Situation

2.

If there is an increase in Aggregate Demand, everything else remaining constant, then the Aggregate Demand curve shifts to the _____ and Real Output _____.

a)

left; increase

b)

right; increase

c)

left; decrease

d)

right; decrease

3.

A(n) _______ in ___ would cause the following changes to occur:

- Increase in Price Level

- Increase in Unemployment

- Decrease in Real GDP

a)

decrease; AS

b)

increase; AS

c)

decrease; AD

d)

increase; AD

4.

The graph given shows which economic situation?

a)

Full Efficiency

b)

Recessionary Gap

c)

Inflationary Gap

d)

Stagflation

5.

Real GDP is growing at 1.2%, unemployment is at 6.3%, and inflation is at 0.8%. What does this indicate?

a)

Inflationary Gap

b)

Recessionary Gap

c)

Full Efficiency

d)

StagFlation

6.

With a real GDP growth rate of -0.5%, unemployment at 7.8%, and inflation at 3.5%, which economic situation best describes this scenario?

a)

Full Efficiency

b)

Recessionary Gap

c)

Inflationary Gap

d)

Stagflation

7.

The U.S. economy has a real GDP growth rate of 3%, an unemployment rate of 5%, and an inflation rate of 2%. What economic situation is the country experiencing?

a)

Full Efficiency

b)

Recessionary Gap

c)

Inflationary Gap

d)

Stagflation

8.

Real GDP growth is 3.6%, unemployment is 4.7%, and inflation is 2.0%. What economic condition does this reflect?

a)

Full Efficiency

b)

Recessionary Gap

c)

Inflationary Gap

d)

Stagflation

9.

Real GDP is growing at 3.1%, the unemployment rate is 4.6%, and inflation is at 2.4%. What does this indicate?

a)

Full Efficiency

Full Efficiency

b)

Inflationary Gap

Inflationary Gap

c)

Stagflation

Stagflation

d)

10.

The economy has a real GDP growth rate of -0.7%, unemployment is 7.1%, and inflation is at 3.2%. Which condition best describes this situation?

a)

Full Efficiency

Full Efficiency

b)

Inflationary Gap

Inflationary Gap

c)

Stagflation

Stagflation

d)

11.

The economy has a 0.5% GDP growth rate, 6.5% unemployment, and 1.2% inflation. What condition is this?

a)

Full Efficiency

Full Efficiency

b)

Inflationary Gap

Inflationary Gap

c)

Stagflation

Stagflation

d)