Unit 3 Economics Review
Flashcard
•
History
•
8th Grade
•
Practice Problem
•
Hard
Kennedy Luman
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19 questions
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1.
FLASHCARD QUESTION
Front
What is the primary purpose of a budget?
Back
To plan for making and spending money
2.
FLASHCARD QUESTION
Front
Which of the following is NOT typically included in GDP calculations?
Back
Free services
3.
FLASHCARD QUESTION
Front
What is the minimum duration required for an economic downturn to be classified as a recession?
Back
6 months
4.
FLASHCARD QUESTION
Front
How does economic development differ from simple economic growth?
Back
It includes factors like life expectancy and quality of life
5.
FLASHCARD QUESTION
Front
Which of the following is NOT one of the 5 common considerations in most budgets?
Back
Credit score
6.
FLASHCARD QUESTION
Front
What is disposable income?
Back
Money left in paycheck after government deductions
7.
FLASHCARD QUESTION
Front
Which of the following is an example of a fixed cost?
Back
Internet bill
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