Podcast
Questions and Answers
What is a measure of economic growth that compares the production of a system with the resources required to produce it?
What is a measure of economic growth that compares the production of a system with the resources required to produce it?
- National Debt
- Balance of trade
- Productivity (correct)
- Economic Stability
Which economic indicator is defined as the amount of money a government owes its creditors?
Which economic indicator is defined as the amount of money a government owes its creditors?
- Productivity
- National Debt (correct)
- Unemployment rate
- Balance of trade
What occurs when the general price level of goods and services in an economy increases over time?
What occurs when the general price level of goods and services in an economy increases over time?
- Unemployment
- Inflation (correct)
- Recession
- Economic Stability
What is a period of decline in aggregate output, as measured by GDP, in an economy?
What is a period of decline in aggregate output, as measured by GDP, in an economy?
What is the term for the level of joblessness among people actively seeking work in an economy?
What is the term for the level of joblessness among people actively seeking work in an economy?
What is the term for the economic value of all products that a country exports minus the economic value of its imported products?
What is the term for the economic value of all products that a country exports minus the economic value of its imported products?
What is the primary objective of a business organization?
What is the primary objective of a business organization?
What is the external environment of business composed of?
What is the external environment of business composed of?
What is the key difference between a business's revenues and its expenses?
What is the key difference between a business's revenues and its expenses?
What is the primary function of an economic system?
What is the primary function of an economic system?
What is the relationship between a business's profits and its success?
What is the relationship between a business's profits and its success?
What is the role of the external environment in affecting business performance?
What is the role of the external environment in affecting business performance?
What are the primary decision-makers in a planned economy?
What are the primary decision-makers in a planned economy?
Which type of economy combines features of both planned and market economies?
Which type of economy combines features of both planned and market economies?
What is the term for the willingness and ability of buyers to purchase a product?
What is the term for the willingness and ability of buyers to purchase a product?
Which of the following is NOT a characteristic of a market economy?
Which of the following is NOT a characteristic of a market economy?
What is the primary purpose of economic indicators?
What is the primary purpose of economic indicators?
What are the resources that a country's businesses use to produce goods and services?
What are the resources that a country's businesses use to produce goods and services?
What is the primary measure of growth in the business cycle?
What is the primary measure of growth in the business cycle?
What refers to the total value of all goods and services produced within a given period by a national economy through domestic factors of production?
What refers to the total value of all goods and services produced within a given period by a national economy through domestic factors of production?
What is the total quantity and quality of goods and services that people in a nation can purchase with the currency used in their economic system?
What is the total quantity and quality of goods and services that people in a nation can purchase with the currency used in their economic system?
What pattern does the economy follow in terms of short-term ups and downs?
What pattern does the economy follow in terms of short-term ups and downs?
What is the total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located?
What is the total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located?
What is another term for the total output of an economy?
What is another term for the total output of an economy?
