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Questions and Answers
Which of the following is used to measure the overall performance of an economy?
Which of the following is used to measure the overall performance of an economy?
- Inflation
- Gross Domestic Product (GDP) (correct)
- Business Cycles
- Unemployment
What does economic growth refer to?
What does economic growth refer to?
- A decrease in the unemployment rate
- A decrease in the inflation rate
- An increase in the production of goods and services (correct)
- An increase in the size of the population
Which of the following is a characteristic of business cycles?
Which of the following is a characteristic of business cycles?
- Steady and consistent economic growth
- Periods of expansion and contraction in economic activity (correct)
- Constant high levels of unemployment
- Stable and low inflation rates
Which of the following is NOT a component of Gross Domestic Product (GDP)?
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?
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?
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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