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ECON - Unit 4 BOOM
Test Description: SSEMA1 - SSEMA3
Instructions: Answer all questions to get your test result.
1) Investment, consumer spending, net exports, and government spending... are added together to obtain:
A
GDP
B
the national debt
C
the CPI
D
the unemployment rate
2) Inflation is the concept that the value of currency is:
A
decreasing
B
####
C
remaining the same
D
increasing
3) Which of the following groups is helped by inflation?
A
borrowers
B
####
C
###
D
lenders
4) Individuals who are not currently seeking jobs:
A
are not counted in a country's unemployment rate
B
are counted in a country's unemployment rate
C
###
D
####
5) Which type of unemployment occurs from an overall downturn in the economy?
A
cyclical
B
frictional
C
structural/technological
D
seasonal
6) A recession occurs when contraction lasts for at least:
A
6 months
B
5 years
C
1 month
D
2 years
7) Which organization is nicknamed the 'lender of last resort?'
A
the FED
B
####
C
the Bureau of Labor Statistics
D
the Department of the Treasury
8) When interest rates increase, it is usually followed by:
A
###
B
contraction
C
expansion
D
####
9) Spending and taxes are:
A
two fiscal policy tools
B
two measures of inflation
C
included in the CPI
D
####
10) When the government spends more than it collects in revenue, it leads to:
A
a deficit
B
####
C
###
D
a surplus
*select an answer for all questions
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