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Economic Review
Test Description: Nc final exam review
Instructions: Answer all questions to get your test result.
1) An economic recession refers to
A
A government policy of printing more money
B
Long period of time of economic growth
C
A sustained decline in economic output
D
A short period of booming economic growth
2) Total value of goods and services produced within a country
A
GDP
B
Employment
C
Depression
D
Inflation
3) An increase in prices with a decrease in the value of money
A
Depression
B
GDP
C
Inflation
D
Recession
4) What was the period economic decline better known as in NC in the 1800's?
A
Roaring 20's
B
Great Depression
C
Rip Van Winkle State
D
Great recession
5) What was NOT a cause of economic downturn in the 1800's?
A
Poor education
B
Lack of transportation
C
Poor farming
D
Drought
6) What was the main cause of the Great Recession in 2008
A
Stock market crashed
B
Housing market collapsed
C
Unemployment
D
Buying too much
7) Which is NOT a cause of wide spread unemployment?
A
Advances in technology
B
entrepreneurs
C
Increase in minimum wage
D
Recession
8) What happens when a country's GDP falls?
A
Recession
B
Depression
C
Prosperity
D
Inflation
9) During the Civil War, what was a major economic problem that affected both sides?
A
Depression
B
Recession
C
No slavery
D
Inflation
10) What is a severe and prolonged downturn in economic activity
A
Inflation
B
Saving account
C
Recession
D
Depression
*select an answer for all questions
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