WorksheetsUnit 2
Total questions: 22
Worksheet time: 15mins
What is inflation?
When the general level of prices rise
When the general level of prices falls
When prices rise rapidly in response to an event
When a very small increase stimulates the economy
Is all inflation bad?
Yes, any increase in prices is bad
No, a very small increase can stimulate the economy
Yes, inflation always leads to hyperinflation
No, inflation only affects certain goods
What does the Consumer Price Index (CPI) measure?
The cost of living index
The amount of goods ordered for a store
The prices of a set of goods over a period of time
The overall health of the stock market
What is GDP?
The total dollar value of all finished goods and services produced in a country in a given time period
The total population of a country divided by its GDP
The average income per person in a country
The total number of unemployed individuals in a country
__________ refers to a decrease in price level.
Hyperinflation
Disinflaation
Deflation
Stagflation
When prices increase very rapidly
Stagflation
Inflation
Deflation
Hyperinflation
Which of the following is considered a nondurable good?
John Deere tractor
automobile
dishwasher
toilet paper
Which of the following is a durable good?
washing machine
t-shirt
chocolate bar
shampoo
Inflation may also be described as a situation where the value of money is:
falling
fluctuating
increasing
remain the same
A price index determined by measuring the price of a standard group of goods meant to represent the market basket of a typical consumer.
Customer Purchasing Index
Consumer Price Index
Consumer Policy Index
Inflation
To keep track of inflation, the government uses the
gross national product.
consumer price index.
real GDP.
NYSE.
During which ten-year period did the average cost of items grow the most?
1975–1985
1965–1975
1935–1945
1925–1935
What is the term for the decrease in the general price level of goods and services?
Deflation
Inflation
Stagflation
Reflation
What is the term for a rapid decrease in the general level of prices?
Hyperinflation
Deflation
Stagflation
Disinflation
What is the primary cause of inflation?
Decrease in production costs
Increase in demand for goods and services
Decrease in demand for goods and services
Decrease in money supply
The labor force is anyone who is working and is __ and older.
16
14
18
21
What is the economic term for a sustained increase in the general price level of goods and services?
Stagflation
Deflation
Inflation
Reflation
Which of the following is a measure used to assess the overall economic performance of a country?
Consumer Price Index
Gross Domestic Product
Unemployment Rate
Interest Rate
What term is defined as the intersection of supply and demand?
Supply
Demand
Market
Equilibrium
Supply is
how much consumers are willing to buy.
how much a producer (a business) is able and willing to make for sale to consumers.
the goods that are left over after a sale.
All of the above
