Ch 02 Economic Activity

Front

Economic growth refers to a steady increase in the production of goods and services in an economic system.

Back

True

Front

Is the value of a country’s exports plus the value of the imports into the country a component of gross domestic product?

Back

False

Front

The more goods and services produced, the healthier an economy is considered to be.

Back

True

Front

Is Mikayla, a 14-year-old student, considered part of the labor force in the United States?

Back

True

Front

In the United States, all people over the age of 21 who do not have a full-time, paying job are considered "unemployed."

Back

False

Front

An ability to produce more goods and services in less time makes it possible to reduce the number of hours in a workweek.

Back

True

Front

Stanley receives a monthly Social Security check from the U.S. government. Is this counted when measuring Stanley’s personal income?

Back

False

Front

Business cycles are the recurring ups and downs of gross domestic product.

Back

True

Front

During periods of deflation, prices drop so demand increases greatly.

Back

False

Front

The money for capital projects comes from three main sources: stock investments, bonds, and personal savings.

Back

True