Unit 3 Economics Review

Front

What is the primary purpose of a budget?

Back

To plan for making and spending money

Front

Which of the following is NOT typically included in GDP calculations?

Back

Free services

Front

What is the minimum duration required for an economic downturn to be classified as a recession?

Back

6 months

Front

How does economic development differ from simple economic growth?

Back

It includes factors like life expectancy and quality of life

Front

Which of the following is NOT one of the 5 common considerations in most budgets?

Back

Credit score

Front

What is disposable income?

Back

Money left in paycheck after government deductions

Front

Which of the following is an example of a fixed cost?

Back

Internet bill

Front

Which of the following is NOT typically included in GDP calculations?

Back

Free services

Front

How does economic development differ from simple economic growth?

Back

It includes factors like life expectancy and quality of life

Front

In the context of the business cycle, what typically follows a period of expansion?

Back

Peak