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Chapter 3 Self-Checks
Test Description: Chapter 3 Self-Checks
Instructions: Answer all questions to get your test result.
1) Over time, the United states has experienced four major economic ______ .
A
trends
B
systems
C
shifts
D
indicators
2) The United States had an agricultural-based economy during the ______ .
A
1900s
B
1700s
C
1800s
D
1600s
3) Figures used to measure economic performance are called economic ______ .
A
indicators
B
indices
C
trends
D
standards
4) The total value of the goods and services produced in a country in a given year is called its ______ .
A
economic performance
B
national production
C
standard of living
D
gross domestic product
5) The more goods and services produced per person, the higher the ______ .
A
national production
B
gross domestic product
C
economic performance
D
standard of living
6) An increase in the unemployment rate indicates an economy is ______ .
A
market driven
B
saturated
C
picking up
D
slowing down
7) During a time of inflation, a person’s buying power ______ .
A
increases
B
decreases
C
accelerates
D
decreases
8) A general decrease in the price of goods and services is called ______ .
A
deflation
B
escalation
C
inflation
D
depression
9) The total amount of money a government owes is its ______ .
A
balance of trade
B
budget deficit
C
national debt
D
public liability
10) When a government's revenue exceeds it expenditures during a one-year period, it has a ______ .
A
positive budget
B
balanced budget
C
budget surplus
D
budget deficit
11) The United States economy is shaped by a mixture of public and ______ forces.
A
governmental
B
civic
C
private
D
personal
12) The government agency that guides the U.S. economy is the ______ .
A
Central Bank
B
Federal Reserve
C
Internal Revenue Service
D
Economic Department
13) The rise and fall of economic activity over time is called the ______ .
A
economic pattern
B
business cycle
C
fiscal trend
D
market sequence
14) A peak of economic activity is called ______ .
A
inflation
B
growth
C
prosperity
D
wealth
15) Economic activity slows down during a ______ .
A
regression
B
recession
C
secession
D
depression
16) When a downturn in one industry causes a downturn in another industry, it is called a ______ effect.
A
recessive
B
lateral
C
correlated
D
ripple
17) A deep slow down in economic activity that affects the entire economy and lasts for several years is called a ______ .
A
regression
B
depression
C
recession
D
secession
18) The Great Depression began in ______ .
A
1911
B
1908
C
1929
D
1933
19) During the worst years of the Great Depression percent of workers were ______ jobless.
A
50
B
15
C
40
D
25
20) A rise in business activity after a recession or depression is called ______ .
A
inflation
B
ascension
C
recovery
D
restitution
*select an answer for all questions
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