Basic Economic Concepts

Basic Economic Concepts

11th Grade

19 Qs

quiz-placeholder

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Basic Economic Concepts

Basic Economic Concepts

Assessment

Quiz

Business

11th Grade

Practice Problem

Medium

Created by

Adam Hunt

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19 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What role do households play in the economy?

Regulators of markets

Consumers and suppliers of labor

Providers of public goods

Sellers of government bonds

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main function of businesses in the economy?

Enforcing laws

Providing goods and services

Regulating trade

Printing money

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does GDP measure?

Unemployment rates

Total value of goods and services produced in a country

Inflation over time

Government spending

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why is GDP important?

It sets tax rates for businesses.

It informs government policy and measures economic performance.

It determines inflation.

It reflects the federal budget.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a primary cause of inflation?

A decrease in government spending

Increase in money supply

Reduction in taxes

Higher exports

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is one effect of inflation?

Increased purchasing power

Decline in the cost of living

Decreases purchasing power

Reduction in tax rates

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which phase of the business cycle is characterized by economic growth and rising employment?

Trough

Expansion

Peak

Contraction

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