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POB 1.02
Test Description: POB 1.02
Instructions: Answer all questions to get your test result.
1) A report about the economy says that companies are having high production and adding new jobs. Also, wages and the GDP are increasing. Which phase of the business cylce is this
A
Recovery
B
Prosperity
C
Depression
D
Recession
2) A report about the economy includes that more companies are experiencing less production and reducing the number of employees. Which phase of the business cycle is this
A
Recession
B
Prosperity
C
Recovery
D
Depression
3) Mary has saved $43,000 in her bank. She knows that saving money will provide funds for others to borrow. This would be useful to measure which economic activities?
A
Investment activities
B
Labor activities
C
Borrowing
D
Consumer spending
4) A local department store reports to the state commerce office its total sales each month. This information would be useful for which measurement of economic activity?
A
Labor activities
B
Consumer spending
C
Investment activities
D
Borrowing
5) A company purchased a wrapping machine that wraps a pallet of boxes in 30 seconds. To complete the same task manually, it would take 3 minutes. Which econonomic activity is this?
A
GDP per capita
B
Consumer spending
C
GDP
D
Labor activities
6) With decreased enrollment in a school system, less teachers are needed. Therefore 100 teachers are released from their jobs. This measures which economic activities?
A
Consumer spending
B
GDP per capita
C
Labor activities
D
GDP
7) In a hypothetical economy, only 40 people were included and 15 pizzas were produced last year at $17 dollars each. This information measures which economic activity?
A
Consumer spending
B
Labor activities
C
GDP per capita
D
GDP
8) When a government agency reports annually the total amount spent to pay employees, this information is useful for which measurement of economic activities?
A
Consumer spending
B
Investment activities
C
GDP
D
Labor activities
9) If an economist researches annually the total value of homes built, this information would be useful for which measurement of economic activities?
A
Consumer spending
B
Investment activities
C
Labor activities
D
GDP
10) Depression, Prosperity, Recession, and Recovery describe what?
A
the business cycle
B
the motor cycle
C
the GDP cycle
D
the investment cycle
*select an answer for all questions
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