Worksheetseconomics
Total questions: 9
Worksheet time: 5mins
Economics is the study of how people
Choose from limited recourses to meet their needs
Calculate their income tax
Respond to war and drought
Gain knowledge and skill from study and experience
Which of the following can measure economic srength
Unemployment rate
all of the above
Interest rate
(federal reserve)
GDP
Which is NOT a stage of the business cycle
peak
expansion
specialization
recession
Expansion is
A phase marked by unemployment
A phase marked by an increase of unemployment
A phase marked by seriously high unemployment
A phase of economic cycle
The unemployment rate is:
Amount of goods and services a citizen can buy
Number of people with out jobs
Total value of goods and services
Figures used to measure services
Gross domestic product (GDP) is:
Total value of goods and services
how much goods a citizen can buy
Total value of goods a country has
Number of people with out jobs
Supply is:
Amount of goods and service consumers take
increase in price
Quantity of product or service businesses provide
decrease in price
Demand is:
quantity of product or buisness
increase in price
quantity of product or service consumer buy
decrease in price
Inflation:
Quantity of product or service consumers buy
Quantity of product or service buisnesses want to provide
increase in price level
decrease in price levels
