Chapter 3 Self-Checks: Question Preview (ID: 32387)

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