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WorksheetsNational Economy Quiz
Total questions: 11
Worksheet time: 6mins
Which of the following are counted toward GDP?
Stocks
A five-year old care sold online
Unsold products created by a business
The government paying teachers
Getting your nails done
What is the difference between fiscal and monetary policy?
Monetary policy is controlled by the Federal Reserve while fiscal policy is controlled by the federal goverment
They are affectively the same thing
Monetary policy is controlled by the federal government while fiscal policy is controlled by the Federal Reserve
Fiscal policy was invented by Teddy Roosevelt while monetary policy was invented by Franklin Roosevelt
Definition: Refers to a sustained period of increased prices
CPI
GDP
Business Cycle
Inflation
Marsha went to college and just graduated with a degree in biology. Now she's working at a local fast food restaurant. How do economists describe her situation?
Unemployed
Underemployed
Seasonal Employment
Disappointing
GDP is used to measure a country's....
inflation
skilled labor
economic performance
labor force
The highest and lowest points of a business cycle are referred to as...
expansion and contraction
underperforming and overperforming
undertow and currents
peaks and troughs
One of the most important things the Fed can do is...
set tax brackets
control inflation
advise the government
make economic rules
Fiscal policy includes:
no change of policy at all
increasing exports and imports
changing taxation and government spending
decreasing the size of the government and economic policies
The natural rate of unemployment is ideally somewhere between 3-10%
True
False
Use the following information to calculate the unemployment rate.
Currently employed: 75
No job, but looking for work: 5
Total population: 500
10%
1%
6.25%
3.33%
A recession is:
A period of economic decline that lasts two consecutive quarters.
A period of economic expansion that lasts two consecutive quarters.
The very top of the business cycle.
When government gets too involved in the economy.
