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