WorksheetsEPF Unit 2 Review
Total questions: 20
Worksheet time: 16mins
what does GDP stand for:
Great Domestic Products
Gross Distributed Product
Gross Domestic Product
Great Distributed Product
Gross Domestic Product includes the market value of all FINAL goods and services produced within a country during a given period of time.
True
False
Intermediate goods, used goods, and illegal goods are ____________ in a countries Gross Domestic Product(GDP).
included
excluded
GDP measures the:
Total market value of intermediate goods and services produced by the citizens of a country in a given year.
Total market value of all final goods and services produced in an economy in a given year.
Change in total employment at U.S. owned firms over the course of a given year.
Change in production levels at U.S. owned firms measured quarterly.
What is the primary function of the Federal Reserve?
To regulate the stock market
To control the nation's money supply and stabilize the economy
To manage the national debt
To oversee the banking industry
The federal government's overall approach to spending and taxes is called
The Federal Open Market Committee
Fiscal Policy
The Federal Reserve
Monetary Policy
In order to be considered part of the civilian labor force, what are the two main requirements?
Be at least 21 years old and have a history of poor job performance.
Be at least 18 years old and have participated in high school sports.
Be at least 16 years old and actively looking for work.
Be at least 45 years old and have given up on finding a job.
Which statement describes the law of demand?
As prices rise, quantity demanded decreases
As prices rise, demand decreases.
As prices fall, quantity demanded decreases.
As prices fall, demand decreases.
The amount of a good or service that producers are willing and able to sell at all possible prices during a given period of time.
Supply
Demand
Factor of Production
Production
What is the Equilibrium Price?
1
2
3
4
If a news headline says, "3 months of consecutive job losses is impacting consumer confidence."
Where on the business cycle is the current economy?
Peak
Contraction/Recession
Trough
Expansion/Growth/Recovery
The Business Cycle charts...
the ups and downs of an economy
series of stages in the economy as it expands and contracts.
the periodic growth and decline of a nation’s economy, measured mainly by its GDP (Gross Domestic Product).
All of the above
