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Economics Unit 3 Exam

Authored by Nicole Bell

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11th Grade

Used 5+ times

Economics Unit 3 Exam
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22 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When inflation occurs, the buying power of the dollar would

decrease

increase

remain stable

not be affected by inflation

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Of the following groups, who would be the most impacted by inflation?

members of strong labor unions

people who do not have any debt

employees who have received raises

individuals living on fixed incomes

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How is GDP defined?

a description of the quality of life in a nation

average value of production of intermediate goods

a collection of all government assets that could earn money

market value of all goods and services produced in a country

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Consumer Price Index (CPI) is best used to determine the

Dow Jones Index

rate of inflation

unemployment rate

currency exchange rates

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

GDP = C + I + G + Xn

According to the GDP formula above, what does the Xn represent?

Government spending

Net exports

Consumer Spending

Business Investments

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The measure of the change in the cost of a fixed basket of goods and services is referred to as

GDP

Aggregate Supply

CPI

Aggregate Demand

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which statement describes economic activity in a recession?

consumer spending declines

business production increases

the employment rate increases

government regulations decrease

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