Economic Review: Question Preview (ID: 24969)

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An economic recession refers to
a) Long period of time of economic growth
b) A government policy of printing more money
c) A short period of booming economic growth
d) A sustained decline in economic output

Total value of goods and services produced within a country
a) GDP
b) Inflation
c) Depression
d) Employment

An increase in prices with a decrease in the value of money
a) GDP
b) Recession
c) Inflation
d) Depression

What was the period economic decline better known as in NC in the 1800's?
a) Great Depression
b) Rip Van Winkle State
c) Roaring 20's
d) Great recession

What was NOT a cause of economic downturn in the 1800's?
a) Poor farming
b) Lack of transportation
c) Poor education
d) Drought

What was the main cause of the Great Recession in 2008
a) Housing market collapsed
b) Stock market crashed
c) Buying too much
d) Unemployment

Which is NOT a cause of wide spread unemployment?
a) Advances in technology
b) Increase in minimum wage
c) Recession
d) entrepreneurs

What happens when a country's GDP falls?
a) Recession
b) Depression
c) Inflation
d) Prosperity

During the Civil War, what was a major economic problem that affected both sides?
a) Recession
b) No slavery
c) Inflation
d) Depression

What is a severe and prolonged downturn in economic activity
a) Recession
b) Depression
c) Inflation
d) Saving account

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