2023 Econ U3

Inflation is best defined as

• the rate of price increases.

• the rate of price stabilization.

• the rate of price decreasing.

• All of the above.

GDP per capita means

• GDP per person.

• GDP for the capital of a country.

• Production assimilation.

• All of the above.

Normal inflation in the U.S. is

• between 0 - 2 %.

• around 10 %.

• never obtainable.

• wishy washy.

Zoning laws, which are a type of regulation, are created to

• protect home owner investments.

• divide a city's residential and manufacturing areas.

• organize urban areas.

• All of the above.

Growth of urban areas have increased. Sizes of houses in some neighborhoods have to follow strict guidelines. Why would you think this is so?

• Protect home owners.

• Uniformity.

• Community appeal.

• All of the above.

Unemployment of resources is described as

• people without a job but looking for one.

• tools not being used.

• machines not being used.

• All of the above.

Which of the following will most likely be a reason you can NOT just open a business from your own home?

• Zoning laws

• taxes

• police jurisdictions

Stagflation includes which two elements?

• high unemployment

• high inflation

• low inflation

• Da Bears!

• increased GDP

Four phases of a business cycle include...

• expansion

• contraction

• inflation

• peak

• trough

During an expansionary period, what is likely to occur?

• Lower unemployment and higher inflation.

• Higher unemployment and higher inflation.

• Higher GDP and lower inflation.

• None of the above.