What are the three economic goals every society seeks to accomplish?
Unit 4 Test

Quiz
•
History
•
12th Grade
•
Medium

Jennifer Degrush
Used 21+ times
FREE Resource
33 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
6% inflation, 10% unemployment, slow economic growth
Promote economic growth, full unemployment, limit inflation
full employment, stable prices, economic growth
Everyone employed, control inflation, flat economic growth
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the correct equation for GDP below?
GDP = L + I + O + N
GDP = C + M + I + G
GDP = C + I + G + (X-M)
GDP = Nx + Mx + C + M
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
All of the following add to a nation's GDP EXCEPT
Government payouts for goods and services
Services rendered for payment
Items purchased at a grocery store
Items imported from another Nation
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the four parts of the business cycle?
Expansion - Retraction - Infraction - Sublaction
Expansion - Peak - Recession - Trough
Infraction - Trough - Recession - Peak
Expansion - Peak - Sloth - Plummet
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The period of the business cycle characterized by Businesses decreasing production, unemployment rising, consumer spending decreasing, and a fall in inflation is
Trough
Recession
Peak
Expansion
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The point in the business cycle characterized by low unemployment and high inflation is...
Contraction
Trough
Peak
Expansion
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In order to count towards the unemployment rate, you must...
Be actively searching for a job
All options are true
Be able to work
Be of a working age
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