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