Chapter 3 Review: Question Preview (ID: 32386)

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Which is the current emphasis in the U.S. economy?
a) agriculture
b) service
c) industry
d) information

When did the Industrial Revolution lead to the industry-based economy?
a) 1600s
b) 1700s
c) 1800s
d) 1900s

Which is NOT an indicator of a country's economic health?
a) GDP
b) standard of living
c) environmental awareness
d) inflation

Which is NOT considered an indicator of a higher standard of living?
a) increasing availability of goods
b) decreasing availability of goods
c) increasing availability of services
d) increasing purchase of luxury goods

What should happen to unemployment if the economy is picking up?
a) It increases.
b) It decreases.
c) It reverts to previous levels.
d) It remains the same.

Which is NOT a cause of inflation?
a) increased defense spending for a war
b) increased supply of goods in excess of demand
c) increased taxation
d) increased production costs

What is the main source of income for governments?
a) taxes
b) education
c) budget surplus
d) Social Security

Which term applies when a government makes more money than it spends in a year?
a) budget deficit
b) national debt
c) budget surplus
d) revenue

Which is NOT a job that the Federal Reserve does?
a) passes laws about tax policies
b) controls the circulation of money
c) sets interest rates
d) controls the amount of money loaned

In the business cycle, what generally comes after a period of depression?
a) prosperity
b) recession
c) recovery
d) another depression

What is another term for a period of economic prosperity?
a) downturn
b) downturn
c) decline
d) peak

Which is true of a recession?
a) businesses produce less
b) wages are higher
c) new businesses open
d) more people buy houses

What is another term for depression?
a) decline
b) Black Tuesday
c) bank holiday
d) deep recession

Which would NOT characterize a depression?
a) high unemployment
b) low wages
c) less goods and services produced
d) decreased capacity in manufacturing plants

Which would NOT help during a period of recovery?
a) war
b) renewed recession
c) business innovation
d) increased consumer purchasing

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