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- 1. Multiple Choice
A person or organization that uses a product or service is a(n):
Consumer
Economist
Loan shark
Debtor
- 2. Multiple ChoiceWhat term refers to a good that comes into a country?TradeMigrationExportImport
- 3. Multiple Choice
Importing more than exporting leads to what?
A trade surplus.
A trade deficit.
A balance of trade.
A balance of payment.
- 4. Multiple Choice
The value of all the final goods and services produced within a nation in a given year.
Gross Domestic Product
Consumer Price Index
Inflation
Housing Starts
- 5. Multiple Choice
How does comparing the Consumer Price Index (CPI) over time help economists measure inflation?
The increase in prices without changes to production suggests a decline in purchasing power.
The decline in prices without changes to production suggests an increase in purchasing power.
Consumer confidence in the economy can predict the rise of inflation.
Consumer uncertainty in the economy can predict the rise of inflation.
- 6. Multiple Choice
Which of the following is true when it comes to using the Stock Market, like the S&P 500, to evaluate economic well-being?
A declining stock market indicates reduced corporate profits, which could a worsening economy.
Because stock prices can be based on speculation, the stock market should not be used on its own.
Rapid fluctuations in stock prices can reflect economic uncertainty among stockholders and consumers.
Stock splits always prove detrimental to investors in the long term.
- 7. Multiple Choice
"Net worth of families earning between $20,000 and $50,000 annually grew by 27% "
How can this statistic promoting the success of Reaganomics be better evaluated?
Adjust for possible inflation or deflation.
Review the employment of the families (single vs. dual income)
Compare stock market performance in 1980 with 1988.
Measure the number of homes built during this period.
- 8. Fill in the Blank
In addition to volunteers and those who are self-employed or own a private business, what other workers are not included in the Current Employment Statistics (CES)?
- 9. Multiple Choice
Many economists complain that using the Money Supply delays the Fed’s response to inflation/deflation.
What is another shortcoming of the Money Supply as a tool for addressing inflation/deflation?
Most people no longer use cash.
High yield savings accounts (HYSA) ignore this data anyway.
The information it gathers typically conflicts with Housing Starts.
Stock investments and money in foreign accounts are not included in this measurement.
- 10. Multiple Choice
"The Debt-to-GDP ratio increased from 40.33 in 1981 to 60.15 in 1988."
How can this statistic challenging the success of Reaganomics be better evaluated?
Determine whether this data takes into account inflation/deflation.
Measure this in conjunction with the Money Supply.
Review stock market performance since stocks aren't part of GDP unless bought/sold.
Adjust for fluctuating employment rates and consumer confidence.
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