Economic Activity In A Changing World Review: Question Preview (ID: 32397)

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During the 1600's, the U.S. economy was
a) agriculture-based
b) industry-based
c) service-based
d) information-based

Figures used to measure economic performance are called
a) economic measurements.
b) economic indicators.
c) performance indicators.
d) economic performance.

Economic indicators measure
a) how much a country is producing.
b) whether a country's economy is growing.
c) how the country compares to others.
d) all of the above.

A general increase in the price of goods and services is called
a) upsurge.
b) inflation.
c) deflation.
d) recession.

The unemployment rate measures the number of people who
a) are able and willing to work but cannot find work.
b) are willing to work.
c) are currently working.
d) all ov the above.

When the supply of goods is greater than the demand, it can result in
a) inflation.
b) deflation.
c) a surplus.
d) a deficit.

The main source of income for a government is
a) taxes.
b) revenue.
c) exports.
d) imports.

The total amount of money a government owes is its
a) national deficit.
b) national debt.
c) federal debt.
d) federal deficit.

The rise and fall of economic activity over time is called
a) recession.
b) prosperity.
c) the business cycle.
d) inflation.

During a depression, there is
a) low unemployment and low production of goods and services.
b) high unemployment and high production of goods and services.
c) low unemployment and high production of goods and services.
d) high unemployment and low production of goods and services.

The stock market crash on October 29, 1929 is known as
a) Black Tuesday
b) Black Friday
c) Black Monday
d) Blue Friday

During a recovery,
a) unemployment is nonexistent.
b) money is scarce.
c) production starts to increase.
d) GDP is stagnant.

The recovery of the Great Depression was helped by
a) innovation.
b) increased demand.
c) World War I.
d) World War II.

Recovery is marked by
a) people going back to work.
b) more money to purchase goods and services.
c) increases in production.
d) all of the above.

The Federal Reserve is a government agency that guides the economy by
a) regulating the amount of money in circulation.
b) controlling interest rates.
c) controlling the amount of money loaned.
d) all of the above.

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