Economic Concepts Quiz

Reported using constant baseline dollar figures to adjust for inflation and deflation.

• Operating systems

• Consumer Price Index (CPI) and Gross Domestic Product (GDP)

• Nonfinancial incentives

• Seasonal price increase

Lowered to have a long-term impact on the creativity of the workforce.

• Budget surplus

• Opportunity cost

• Deflation

• Interest rates

Imposed on apartment rents, resulting in rent lower than market rate.

• Opportunity cost

• Price ceiling

• Minimum wage

• Score

Type of unemployment experienced by workers losing their jobs.

• Unemployment due to new technology

• Cyclical unemployment

• Operating systems

• Command economy

Advantage over a debit card is the ability to delay payment.

• Budget

• Bank loan

• Credit score

• Credit card

Forced to make choices among goods and services currently on the market.

• Command Economy

• Federal Reserve

• Government

• Budget

Influenced by the combination of trade and cultural diffusion.

• Personal wealth

• Command economy

• Success of a fast-food chain in China

• Marginal utility

Economic issue illustrated in the graph, choices must be made.

• Marginal Utility

• Opportunity Cost

• Scarcity

• Shortage

Occurs during Memorial Day to Labor Day due to consumer demand.

• Price ceiling

• Seasonal price increase

• Minimum wage increase

• Interest rates

Persistent fall in the general price level of goods and services.

• Interest Rates

• Deflation

• Marginal Utility

• Recession