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Chapter 3 Self-Checks
Test Description: Chapter 3 Self-Checks
Instructions: Answer all questions to get your test result.
1) Over time, the United states has experienced four major economic ______ .
A
indicators
B
trends
C
systems
D
shifts
2) The United States had an agricultural-based economy during the ______ .
A
1600s
B
1700s
C
1800s
D
1900s
3) Figures used to measure economic performance are called economic ______ .
A
trends
B
indices
C
indicators
D
standards
4) 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
5) The more goods and services produced per person, the higher the ______ .
A
standard of living
B
gross domestic product
C
economic performance
D
national production
6) An increase in the unemployment rate indicates an economy is ______ .
A
picking up
B
saturated
C
market driven
D
slowing down
7) During a time of inflation, a person’s buying power ______ .
A
decreases
B
accelerates
C
increases
D
decreases
8) A general decrease in the price of goods and services is called ______ .
A
inflation
B
deflation
C
escalation
D
depression
9) The total amount of money a government owes is its ______ .
A
balance of trade
B
national debt
C
budget deficit
D
public liability
10) When a government's revenue exceeds it expenditures during a one-year period, it has a ______ .
A
budget deficit
B
balanced budget
C
positive budget
D
budget surplus
11) The United States economy is shaped by a mixture of public and ______ forces.
A
personal
B
governmental
C
private
D
civic
12) The government agency that guides the U.S. economy is the ______ .
A
Central Bank
B
Economic Department
C
Federal Reserve
D
Internal Revenue Service
13) The rise and fall of economic activity over time is called the ______ .
A
business cycle
B
fiscal trend
C
economic pattern
D
market sequence
14) A peak of economic activity is called ______ .
A
wealth
B
growth
C
prosperity
D
inflation
15) Economic activity slows down during a ______ .
A
depression
B
recession
C
regression
D
secession
16) When a downturn in one industry causes a downturn in another industry, it is called a ______ effect.
A
ripple
B
recessive
C
correlated
D
lateral
17) A deep slow down in economic activity that affects the entire economy and lasts for several years is called a ______ .
A
depression
B
secession
C
regression
D
recession
18) The Great Depression began in ______ .
A
1908
B
1911
C
1929
D
1933
19) During the worst years of the Great Depression percent of workers were ______ jobless.
A
25
B
15
C
50
D
40
20) A rise in business activity after a recession or depression is called ______ .
A
ascension
B
inflation
C
restitution
D
recovery
*select an answer for all questions
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