Unit 3.01-3.03 Review

Question 1

A base plant in Mexico, are thecars that they manufacture going to be part of the US GNP or GDP

Accepted Answer

GNP

Question 2

Which of these is NOT one ofthe characteristics of recession?

Accepted Answer

High Consumer Spending

Question 3

What is the inflation rate fora stable economy?

Accepted Answer

1-5%

Question 4

What is this?

Accepted Answer

Unemployment Rate

Question 5

What is the number 2 illustrating in the business cycle?

Accepted Answer

Recession

Question 6

Which College did I graduate from?

Accepted Answer

UGA

Question 7

The value added by exchanging a product formonetary value.

Accepted Answer

Possession Utility

Question 8

What is the number 1 illustrating in the business cycle?

Accepted Answer

Expansion

Question 9

A measure of the goods andservices produced IN a country.

Accepted Answer

Gross Domestic Product

Question 10

The value added by having a product at acertain time of year or a convenient time of day.

Accepted Answer

Time Utility

Question 11

The value added by having a product wherecustomers can buy it.

Accepted Answer

Place Utility

Question 12

What is the number 3 illustrating in the business cycle?

Accepted Answer

Depression

Question 13

The value added by changing raw materials orputting parts together to make them more useful.

Accepted Answer

Form Utility

Question 14

amount of goods producers are willing and able to produce during a certain period of time.

Accepted Answer

Supply

Question 15

Land, labor, andcapital resources which can be used to produce the goods thatpeople consume

Accepted Answer

Economic Resources

Question 16

The amount of goods and services that a nation’s people have.

Accepted Answer

Standard of Living

Question 17

Supply and Demand are equal

Accepted Answer

Equilbrium

Question 18

What is the other name for the economic resources?

Accepted Answer

Factors of Production

Question 19

Refers to how changes in the price of a product result in a change on the demand.

Accepted Answer

Elastic Demand

Question 20

A condition where consumers desire less goods and services than wereproduced,

Accepted Answer

Surplus

Question 21

The sum of the dollar valuefor products produced BY a country

Accepted Answer

Gross National Product

Question 22

As the price of a product increases, consumer demand for the product decreases,

Accepted Answer

Law of Demand

Question 23

The amount produced per workermeasured during a specific time period.

Accepted Answer

Labor Productivity

Question 24

What is the number 4 illustrating in the business cycle?

Accepted Answer

Recovery

Question 25

Incorporates the skill of people who arewilling to take the risk of starting their own business

Accepted Answer

Entrepreneurship

Unit 3.01-3.03 Review

Questions 25

Unit 3.01-3.03 Review

Questions 25