Select the right answer for each question.

-The Department of compiles the statistics on the nation’s output and income.
Commerce
Internal Revenue
Health and Human Services
Defense

-One weakness of a sole proprietorship is that the
owner has no control
owner has too many partners
owner faces unlimited liability
business will eventually go bankrupt

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-One advantage of a corporation is
unlimited liability for its owners
a lifespan that is not linked to a specific owner
the ease of obtaining a charter
it cannot enter into any legal contracts

-The main advantage that partnerships have over sole proprietorships is
the ability to specialize
unlimited liability
the ease of obtaining a charter
they are more likely to succeed

-Which of the following is an economic right of all businesses in the United States?
voluntary exchange
involuntary exchange
government ownership of property
the ability to function as a monopoly

-Which of the following is an economic responsibility of all businesses in the United States?
Conduct all business in an honest and ethical manner.
Draft a code of ethics and make all employees sign it.
Close on all government regulated holidays.
Spread negative information about the competition.

-More money becomes available for economic growth when
people save
pension funds increase
interest rates are high
there is high unemployment

-Saving makes economic growth possible because
it means people have extra money and are spending less of it
buyers and sellers are working together to make saving possible
financial institutions lend the savings of others to those who will invest them
saving is more important than investing

-In order for people to use the savings of others, the economy must have a(n) system—a network of savers, investors, and financial institutions.
saving
investment
transfer
financial

-The United States GDP, which is the market value of all final goods and services produced in the nation in a year, is calculated by
adding the expenditures of the four sectors of the economy
multiplying production by consumption
subtracting total imports from exports
It is impossible to compute the GDP because it is impossible to measure all production data.

-GDP is not a proper measure of the total production of the United States economy because
it only includes final goods
it does not account for household labor or volunteer labor
it does not take illegal or black market production into consideration
all of the above

-What is the difference between real and nominal GDP?
Real GDP is exact, while nominal GDP is estimated.
Real GDP is adjusted for inflation, while nominal GDP is not.
Real GDP is estimated, while nominal GDP is exact.
There is no difference.
Use the following information to determine the inflation rates.

-A consumer price index is used to measure the average change in price over time and to determine the inflation rate.

CPI Year 1= 95

CPI Year 2= 108

CPI Year 3= 119

CPI Year 4= 140

-What is the inflation rate from year 2 to year 3 rounded to the nearest percent?
9%
4%
6%
10%

-What is the inflation rate from year 3 to year 4 rounded to the nearest percent?
5%
11%
18%
25%

-Monopolies are typically created because
the industry has high barriers to entry that prevent many businesses from entering the industry
increasing competition discourages new businesses from entering the industry
there is a lack of business interest in an industry
the government promotes the establishment of monopolies

-Monopolies face disadvantages that focus around
production
prices
inefficiency
cost

-An oligopoly
is an industry dominated by a small number of firms
is established when perfect competition exists
only occurs when buyers and sellers are fully informed
requires a partnership

-One distinct difference between monopolistic competition and perfect competition is
product differentiation
insignificant
monopolistic competition is a monopoly
buyers and sellers must be fully informed

-The shoe industry in the current American economy, where many different types and brands are offered, is an example of
a monopoly
an oligopoly
perfect competition
monopolistic competition

-The airline industry in America is an example of , because a few firms dominate the industry.
a monopoly
an oligopoly
perfect competition
monopolistic competition

-What is the main difference between inflation and deflation?
Inflation is an overall increase in price, and deflation is an overall decrease in price.
Inflation is an overall decrease in price, and deflation is an overall increase in price.
A high inflation rate means the economy is doing well, while a high deflation rate means the economy is doing poorly.
A high inflation rate means the economy is doing poorly, while a high deflation rate means the economy is doing well.

-In the business cycle, a trough is
a major downturn in economic growth
measured when economic growth changes and begins to increase
measured when economic growth is decreasing
the peak of economic growth

-In the business cycle, a recession
is a major increase in economic growth
is measured when economic growth changes and begins to increase
exists when there is an overall downturn of the economy
is the peak of economic growth
Analyze the following situations and determine if economic growth is likely to occur.

-The economy is experiencing a decreasing unemployment rate and an increasing GDP.
yes
no

-The economy is experiencing an increasing unemployment rate and a high inflation rate.
yes
no

-The economy is experiencing an increase in overall GDP.
yes
no

-The economy is experiencing a recession.
yes
no

-The economy is experiencing expansion.
yes
no

-I successfully completed the research assigned in the activity “Exploring the U.S. Economy” by reviewing the assigned data from the Bureau of Labor and Statistics.
true
false

-I discussed my findings about the U.S. economy with an adult or a friend.
true
false

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