Chapter 3 Self-Checks: Question Preview (ID: 32387)

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Over time, the United states has experienced four major economic ______ .
a) indicators
b) shifts
c) systems
d) trends

The United States had an agricultural-based economy during the ______ .
a) 1600s
b) 1700s
c) 1800s
d) 1900s

Figures used to measure economic performance are called economic ______ .
a) indicators
b) indices
c) standards
d) trends

The total value of the goods and services produced in a country in a given year is called its ______ .
a) economic performance
b) gross domestic product
c) national production
d) standard of living

The more goods and services produced per person, the higher the ______ .
a) economic performance
b) gross domestic product
c) national production
d) standard of living

An increase in the unemployment rate indicates an economy is ______ .
a) picking up
b) market driven
c) saturated
d) slowing down

During a time of inflation, a person’s buying power ______ .
a) accelerates
b) decreases
c) decreases
d) increases

A general decrease in the price of goods and services is called ______ .
a) deflation
b) escalation
c) inflation
d) depression

The total amount of money a government owes is its ______ .
a) balance of trade
b) budget deficit
c) national debt
d) public liability

When a government's revenue exceeds it expenditures during a one-year period, it has a ______ .
a) balanced budget
b) budget deficit
c) budget surplus
d) positive budget

The United States economy is shaped by a mixture of public and ______ forces.
a) governmental
b) personal
c) private
d) civic

The government agency that guides the U.S. economy is the ______ .
a) Central Bank
b) Internal Revenue Service
c) Federal Reserve
d) Economic Department

The rise and fall of economic activity over time is called the ______ .
a) business cycle
b) fiscal trend
c) economic pattern
d) market sequence

A peak of economic activity is called ______ .
a) inflation
b) prosperity
c) growth
d) wealth

Economic activity slows down during a ______ .
a) depression
b) regression
c) recession
d) secession

When a downturn in one industry causes a downturn in another industry, it is called a ______ effect.
a) correlated
b) recessive
c) lateral
d) ripple

A deep slow down in economic activity that affects the entire economy and lasts for several years is called a ______ .
a) depression
b) regression
c) recession
d) secession

The Great Depression began in ______ .
a) 1908
b) 1929
c) 1911
d) 1933

During the worst years of the Great Depression percent of workers were ______ jobless.
a) 15
b) 40
c) 25
d) 50

A rise in business activity after a recession or depression is called ______ .
a) ascension
b) recovery
c) inflation
d) restitution

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