Economics Quiz - Student Made - Ch. 12 - Period 3
10 Questions
| Attempts: 67
Mr. Campbell's student made economics quiz.
Questions and Answers
- 1.A shift in aggregate supply or aggregate demand will have an impact on:I. Real GDPII. Price LevelIII. Intermediate GoodsIV. Population
- A.
I and II
- B.
II and III
- C.
III and IV
- D.
I and III
- 2.In aggregate demand if the price leve rises, purchasing power _____________, causing a reduction in quantity of goods and services demanded.
- A.
Increase
- B.
Decreases
- C.
Stays the same
- D.
None of the above
- 3.What are some factors that can cause contraction and expansion?
- A.
Investments in business
- B.
Banks no loaning money
- C.
Consumers deciding to spend
- D.
All of the above
- 4.Fears of a weakening economy can cause consumer confidence to fall leading to
- A.
Expansion
- B.
Contraction
- C.
External shock
- D.
Population growth
- 5.In macroeconomics there are periods of expansion followed by periods of contraction, this is known as
- A.
Economic growth
- B.
Business cycle
- C.
Stagflation
- D.
Depression
- 6.The lowest point in the business cycle in which uemployment is highest is known as:
- A.
Contraction
- B.
Trough
- C.
Downturn
- D.
Peak
- 7.GDP is a method used to find the standard of living, but can not completely measure:
- A.
The nation's total income
- B.
The total of consumer, buisness, and government spending
- C.
The dollar value of all goods and services produced
- D.
Quality of life issues
- 8.Improving technology can
- A.
Increase production costs
- B.
Deepen captial
- C.
Measure economic growth
- D.
Measure GDP
- 9.A recession taht is especially long and severe is known as:
- A.
Stagflation
- B.
Contraction
- C.
Depression
- D.
Captial deepening
- 10.The amount of output produced per worker is known as
- A.
Captial deepening
- B.
Labor productivity
- C.
Human captial
- D.
Physical capital
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