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Changing Economic Conditions
Test Description: Review Quiz
Instructions: Answer all questions to get your test result.
1) A ________ occurs when a government spends less than it takes in.
A
budget deficit
B
budget shortage
C
budget over-run
D
budget surplus
2) A bond represents a debt for an organization
A
True
B
False
3) All people above 16 who are actively working or seeking work make up the ________.
A
c. labor force
B
d. labor organization
C
b. creditor pool
D
a. unemployment rate
4) If you want to save money at a savings institution, you would be most interested in the ________.
A
b. discount rate
B
c. certificate of deposit rate
C
d. T-bill rate
D
a. prime rate
5) Without personal saving, businesses could not carry out capital projects
A
True
B
False
6) The Consumer Price Index (CPI) is a measure of ________.
A
d. interest rates
B
c. retail sales
C
a. inflation
D
b. consumer debt
7) There has never been a true depression in the United States
A
True
B
False
8) The recurring ups and downs of gross domestic product (GDP) in an economy is called the ________.
A
a. stock market
B
c. money cycle
C
b. bond market
D
d. business cycle
9) Gross domestic product (GDP) is the dollar value of all ________.
A
d. final goods and services produced in, or imported to, a country during one year
B
c. intermediate and final goods and services produced in a country during one year
C
a. final goods and services produced in a country during one year
D
b. goods and services produced in a country during one year
10) Gross domestic product (GDP) per capita is calculated by ________.
A
c. dividing GDP by the Consumer Price Index
B
a. dividing GDP by the total population
C
d. multiplying GDP by the Consumer Price Index
D
b. multiplying GDP by the total population
11) If intermediate goods were counted as a part of gross domestic product (GDP), the value of these goods would be counted twice
A
False
B
True
12) Deflation has occurred in the United States.
A
False
B
True
13) Debt is harmful to a company.
A
True
B
False
14) If the inflation rate was 3 percent in each of the past three years, products that cost $500 three years ago would now cost approximately ________.
A
c. $545
B
b. $530
C
d. $560
D
a. $515
15) ________ is a period in which demand begins to decrease, businesses lower production, unemployment begins to rise, and GDP growth slows for two or more quarters of the calendar year.
A
a. Depression
B
c. Recession
C
b. Deflation
D
d. Recovery
16) All of the following can increase productivity except ________.
A
c. improved management techniques
B
b. better training for workers
C
a. improved technology
D
d. increased wages for workers
17) Consumer debt includes each of the following except ________.
A
c. unpaid credit card balances
B
a. unspent consumer income
C
b. home mortgages
D
d. auto loans
18) When you purchase a corporate bond, you become one of the corporation's ________.
A
d. borrowers
B
c. equity holders
C
b. creditors
D
a. owners
19) The ________ is the interest rate that banks make available to their best business customers.
A
d. prime rate
B
b. corporate bond rate
C
a. discount rate
D
c. mortgage rate
20) A ________ represents a unit of ownership in a corporation.
A
b. certificate of deposit
B
d. mortgage
C
a. corporate bond
D
c. share of corporate stock
*select an answer for all questions
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