Chapter 3 Review: Question Preview (ID: 32386)

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