Quizalize logo
placeholder image to represent content

Managing the Economy

Quiz by Angie Buckingham

Feel free to use or edit a copy

includes Teacher and Student dashboards

Measure skills
from any curriculum

Tag the questions with any skills you have. Your dashboard will track each student's mastery of each skill.

With a free account, teachers can
  • edit the questions
  • save a copy for later
  • start a class game
  • automatically assign follow-up activities based on students’ scores
  • assign as homework
  • share a link with colleagues
  • print as a bubble sheet

Our brand new solo games combine with your quiz, on the same screen

Correct quiz answers unlock more play!

New Quizalize solo game modes
25 questions
Show answers
  • Q1
    The Gross Domestic Product is
    The market value of all final goods produced in a specified period of time.
    The market value of all final goods and services produced by a country inside its boundaries in a specified period of time.
    The market value of all final goods and services produced by a country inside or outside its boundaries in a specified period of time.
    The value of all intermediate and final goods and services produced in a specified period of time.
    30s
  • Q2
    Why would an economist use real GDP rather than nominal GDP to measure growth?
    Nominal GDP applies to only a small number of industries.
    Nominal GDP applies to only a small number of industries. Real GDP reflects output more accurately than nominal GDP by using constant prices.
    Real GDP calculates the GDP for a longer period of time.
    Real GDP uses current prices to measure the year’s output.
    30s
  • Q3
    What is the formula for calculating GDP?
    C + I + G - NX
    C + I - G - NX
    C - I + G - NX
    C + I + G + NX
    30s
  • Q4
    According to the principle of cyclical unemployment, what will occur when the demand for goods and services drops during a recession?
    The business cycle resumes an upward trend.
    No frictional unemployment exists.
    The demand for labor rises.
    The demand for labor drops.
    30s
  • Q5
    Sonya dropped out of school and now fails to meet the minimum requirements for her job. What type of unemployment is this?
    structural
    frictional
    seasonal
    cyclical
    30s
  • Q6
    Eva lost her job at a major interior design firm during the recession in the 1980s. What type of unemployment is this?
    seasonal
    cyclical
    structural
    frictional
    30s
  • Q7
    Jordan graduated from law school and is interviewing with various law firms. What type of unemployment is this?
    structural
    cyclical
    frictional
    seasonal
    30s
  • Q8
    What kind of unemployment can be lessened when the government pursues policies that reduce the depth and length of contractions and prolong the periods of economic expansion?
    seasonal
    structural
    frictional
    cyclical
    30s
  • Q9
    Ten years ago, a house sold for $54,000. Today the same house is valued at $108,000. What has inflation done to consumers’ purchasing power?
    increased it
    stopped it
    reduced it
    doubled it
    30s
  • Q10
    What is the Consumer Price Index?
    a measure of prices of housing and rental costs all over the country
    an index determined by measuring the price of transportation and energy
    an index that shows changes in the cost of living over time
    an index of prices of items used by manufacturers and retailers
    30s
  • Q11
    If you lived on a fixed income, how would you be affected by inflation?
    You would benefit because you would have more purchasing power.
    You would be hit hard because rising inflation would lower your rate of pay.
    There would be little effect because income is not tied to inflation.
    You would be financially stressed because your income does not increase when prices go up.
    30s
  • Q12
    Which of the following would be the most likely to cause cost-push inflation?
    an increase in the growth of the money supply
    an increase in world oil prices
    a reduction in federal income tax rates
    a decrease in the general level of interest rates
    30s
  • Q13
    Which of the following would occur during the contraction phase of the business cycle?
    increasing GDP and decreasing unemployment
    increasing GDP and inflation
    falling inflation and falling unemployment
    increasing unemployment and declining GDP
    30s
  • Q14
    When the economy is working properly, what is acceptable rate of inflation?
    3 to 4 percent
    1 to 2 percent
    6-8 percent
    4 to 6 percent
    30s
  • Q15
    A tax in which tax rates rise with increasing income is known as a
    proportional tax
    progressive tax
    none of the above
    regressive tax
    30s

Teachers give this quiz to your class