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Chapter 3 Review
Test Description: Chapter 3 Review
Instructions: Answer all questions to get your test result.
1) Which is the current emphasis in the U.S. economy?
A
industry
B
information
C
service
D
agriculture
2) When did the Industrial Revolution lead to the industry-based economy?
A
1700s
B
1900s
C
1800s
D
1600s
3) Which is NOT an indicator of a country's economic health?
A
environmental awareness
B
standard of living
C
GDP
D
inflation
4) Which is NOT considered an indicator of a higher standard of living?
A
increasing availability of services
B
decreasing availability of goods
C
increasing purchase of luxury goods
D
increasing availability of goods
5) What should happen to unemployment if the economy is picking up?
A
It decreases.
B
It reverts to previous levels.
C
It remains the same.
D
It increases.
6) Which is NOT a cause of inflation?
A
increased defense spending for a war
B
increased production costs
C
increased taxation
D
increased supply of goods in excess of demand
7) What is the main source of income for governments?
A
budget surplus
B
taxes
C
Social Security
D
education
8) Which term applies when a government makes more money than it spends in a year?
A
budget surplus
B
budget deficit
C
national debt
D
revenue
9) Which is NOT a job that the Federal Reserve does?
A
controls the amount of money loaned
B
controls the circulation of money
C
passes laws about tax policies
D
sets interest rates
10) In the business cycle, what generally comes after a period of depression?
A
another depression
B
prosperity
C
recovery
D
recession
11) What is another term for a period of economic prosperity?
A
downturn
B
peak
C
downturn
D
decline
12) Which is true of a recession?
A
more people buy houses
B
businesses produce less
C
new businesses open
D
wages are higher
13) What is another term for depression?
A
bank holiday
B
Black Tuesday
C
deep recession
D
decline
14) Which would NOT characterize a depression?
A
less goods and services produced
B
low wages
C
decreased capacity in manufacturing plants
D
high unemployment
15) Which would NOT help during a period of recovery?
A
business innovation
B
war
C
increased consumer purchasing
D
renewed recession
*select an answer for all questions
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