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Stamford Econ to 2.3

Total questions: 18

Worksheet time: 9mins

Name
Class
Date
1.
When inflation is high the _______________of the dollar decreases
a)
cost value
b)
purchasing power
c)
importance
d)
validity
2.
What is inflation?
a)
rise in all prices
b)
rise in most prices
c)
rise in some prices
d)
rise in general prices
3.
Demand-Pull inflation can be describes as too many _________ chasing too few __________
a)
jobs, workers
b)
consumers, producers
c)
dollars, goods
4.
Who is most likely to be hurt by inflation?
a)
someone who borrowed money
b)
a retiree on a fixed income
c)
a business owner
d)
the U.S. government
5.
What 2 types of inflation are there?
a)
demand pull and cost push
b)
demand pull and supply glut
c)
supply glut and demand side
d)
supply inflation and demand inflation
6.
What the definition of deflation? 
a)
decrease in the average price of goods and services
b)
occurs when the price of goods and services rise
c)
increase in prices
d)
I don't know
7.
With inflation, AD > AS 
a)
True
b)
False
8.
GDP that is adjusted for inflation
a)
real GDP
b)
nominal GDP
c)
price level
d)
net national product
9.
What causes cost push inflation
a)
An increase in demand for goods and services
b)
An increase in supply
c)
A rise in production costs passed on to consumers
d)
A fall in the price of imports
10.

The total value of all final goods and services produced in a country in a given year.

a)

Gross Domestic Product

b)

Consumer Price Index

c)

Inflation

d)

Unemployment

11.

Economic growth measures the

a)

a) Growth of productivity

b)

b) Increase in nominal income

c)

c) Increase in national output

d)

d) None of the above

12.

The percentage of a nations labour force that is unemployed.

a)

Balance of Employment

b)

Balance of Payments

c)

Unemployment

d)

Employment

13.

A period of macroeconomic expansion or growth, followed by a period of contraction, or decline.

a)

Business Cycle

b)

Circular Flow

c)

Equilibrium

d)

GDP

14.
Economic growth can be seen by an outward shift of
a)
a)     The Production Possibility Frontier
b)
b)     The Gross Domestic Barrier
c)
c)     The Marginal Consumption Frontier
d)
d)     The Minimum Efficient Scale
15.
In a boom
a)
a)     Unemployment is likely to fall
b)
b)     Prices are likely to fall
c)
c)     Demand is likely to fall
d)
d)     Imports are likely to fall
16.

Which of the following equations represents Aggregate Demand

a)

GDP = X + I + C + (Y - Z)

b)

GDP = C + I + G + (X - M)

c)

GDP = C + I + X + (G - T)

d)

GDP = (1/MPS)*G + I + C

17.
What would be the effect of an increase in imports?
a)
Increase AD
b)
Decrease AD
c)
Increase SRAS
d)
Decrease SRAS
18.

What can shift LRAS to the right?

a)

increase in taxes

b)

Increase in investment

c)

decrease in taxes

d)

decrease in investment

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