Which of the following transactions would be included in the calculation of Country X's GDP in 2020?

The purchase of new construction equipment

Which of the following is true of a traditional economy?

Children tend to have the same jobs as their parents did

The United States Federal Reserve was created to...

control the amount of $ in circulation

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Economics Mini Review (#5)

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Questions 10

Answers

1
Which of the following transactions would be included in the calculation of Country X's GDP in 2020?
Investment in stocks & bonds
The purchase of new construction equipment
The sale of a boat that was built in 1996
Carrots grown in a household's backyard and consumed by the family
2
Which of the following is true of a traditional economy?
Children tend to have the same jobs as their parents did
Communities tend to be fast-growing & modern
They have a high standard of living
They are usually based on industrial production
3
The United States Federal Reserve was created to...
loan money to farmers
print new money
collect taxes
control the amount of $ in circulation
4
The area marked by the green bracket represents...
a surplus
a shortage
scarcity
equilibrium
5
Money is ANYTHING that is generally accepted as payment for goods and service
True
False
6
In economics, the image below would be classified as an example of...
Land
Entrepreneurship
Labor
Capital
7
An airport security agent who loses their job because of improvements in new scanning technology is...
Structurally unemployed
Underemployed
Frictionally unemployed
Cyclically unemployed
8
A tax on items like gasoline or cigarettes is known as a/n...
Payroll Tax
Income Tax
Property Tax
Excise Tax
9
The price of beef doubled while the price of chickens stayed the same. People would most likely buy...
less chicken and less beef
less chicken and more beef
more chicken and less beef
the same amount of chicken and beef
10
This allows you to invest in a "basket" or companies rather than one individual company
A money market account
An index fund
A commodity fund
A stock fund

Economics Mini Review (#5) Flashcards | StudBud