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Semester Test Review 3
Test Description: Semester test review #3
Instructions: Answer all questions to get your test result.
1) Business Cycle, highest point or period of prosperity.
A
Peak
B
Trough
C
Expansion
2) Lowest point
A
Contraction
B
Trough
C
Peak
3) Growth occurs or the GDP goes up.
A
Expansion
B
Peak
C
Contraction
4) Activity slows down or becomes smaller.
A
Contraction
B
Trough
C
Expansion
5) Government attempt to manage economy through taxing, spending, or borrowing
A
Monetary Policy
B
Fiscal Policy
6) All the money that has been borrowed over the years, but has not been paid back.
A
National Debt
B
National Budget
7) Changing intervals that the economy goes through.
A
Budget Deficit
B
Economy
C
Business Cycle
8) If a person chooses to buy a pair of shoes instead of a new jacket, what does the jacket represent in economic terms?
A
Trade-off
B
Opportunity Cost
C
Decision
9) What is NOT a question every economic system must answer?
A
How to produce it?
B
For whom, will it be produced?
C
How much does it cost?
D
What to produce?
10) In the movie The Lorax, scarcity and opportunity cost where the only Economic concepts that were shown.
A
False
B
True
11) Buildings, tools, and computers are a part of what factor of production?
A
Labor
B
Technology
C
Capital
D
Land
12) The four types of business are corporation, sole proprietorship, franchise, and what else?
A
Partnership
B
Combined business
C
Association business
*select an answer for all questions
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