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