Question 1

Which of the following is not a common resource?

Accepted Answer

A shopping mall

Answer

school

Answer

Home

Answer

College

Question 2

What is the formula for calculating GDP using the expenditure approach?

Accepted Answer

GDP = C + I + G + (X - M)

Answer

GDP = C+I+G

Answer

GDP = 2*C+I G+(X- M)

Question 3

What is an example of a public good?

Accepted Answer

Street lighting in a city

Answer

Shopping

Answer

class

Answer

water bottle

Question 4

How is GDP per capita calculated?

Accepted Answer

GDP per capita = GDP / Population

Answer

None of these

Answer

GDP = C+I+ A

Answer

GDP = Population / GDP per capita

Question 5

What is the relationship between inflation and purchasing power?

Accepted Answer

Inflation decreases the purchasing power of a currency over time

Answer

inflation increase the purchasing power of a  currency

Answer

inflation increases  the selling power of a currency

Answer

deflation  decrease the purchase  power of a currency over time

Question 6

What is the main goal of fiscal policy during a recession?

Accepted Answer

To stimulate economic growth and reduce unemployment

Answer

to stimulate money and reduce unemployment

Answer

to stimulate growth and  increase unemployment

Answer

to simulate unemployment

Question 7

Which of the following is an example of a method used for calculating GDP?

Accepted Answer

Expenditure approach

Answer

increase employment

Answer

fluctuations

Answer

aggregate  demanded

Question 8

What does GDP stand for in economics?

Accepted Answer

Gross Domestic Product

Answer

Get Domestic Product

Answer

Gross Demand Products

Answer

Growth Domestic Product

Question 9

Which of the following is an example of a common resource?

Accepted Answer

Fish in the ocean

Answer

Demand in Company

Answer

Growth

Answer

Street light

Question 10

Which of the following is an example of a common resource?

Accepted Answer

Fish in the ocean

Answer

Books in a library

Answer

Milk in a grocery store

Answer

Cars in a dealership

Question 11

What is the term used to describe a situation where the overall price level of goods and services in an economy is rising?

Accepted Answer

Inflation

Answer

unemployment

Answer

employment

Answer

resection

Question 12

What is the term used to describe a period of decline in national economic activity, characterized by decreased GDP, employment, and trade?

Accepted Answer

Recession

Answer

employment

Answer

inflation

Answer

deflation

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