Questions and Answers
Which of the following is used to measure the overall performance of an economy?
Gross Domestic Product (GDP)
What does economic growth refer to?
An increase in the production of goods and services
Which of the following is a characteristic of business cycles?
Periods of expansion and contraction in economic activity
Which of the following is NOT a component of Gross Domestic Product (GDP)?
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What is the term used to describe a period of declining economic activity, characterized by a decrease in GDP, and usually accompanied by a rise in unemployment?
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What is the term used to describe a sustained increase in the production of goods and services in an economy over time?
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