Introduction to Business

Section 1: U.S. Economic History

Self-Checks

1
Over time, the United states has experienced four major economic ______ .
A)indicators
B)shifts
C)systems
D)trends
2
The United States had an agricultural-based economy during the ______ .
A)1600s
B)1700s
C)1800s
D)1900s
3
Figures used to measure economic performance are called economic ______ .
A)indicators
B)indices
C)standards
D)trends
4
The total value of the goods and services produced in a country in a given year is called its ______ .
A)economic performance
B)gross domestic product
C)national production
D)standard of living
5
The more goods and services produced per person, the higher the ______ .
A)economic performance
B)gross domestic product
C)national production
D)standard of living
6
An increase in the unemployment rate indicates an economy is ______ .
A)picking up
B)market driven
C)saturated
D)slowing down
7
During a time of inflation, a person’s buying power ______ .
A)accelerates
B)decreases
C)fluctuates
D)increases
8
A general decrease in the price of goods and services is called ______ .
A)deflation
B)escalation
C)inflation
D)depression
9
The total amount of money a government owes is its ______ .
A)balance of trade
B)budget deficit
C)national debt
D)public liability
10
When a government's revenue exceeds it expenditures during a one-year period, it has a ______ .
A)balanced budget
B)budget deficit
C)budget surplus
D)positive budget
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