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(jacoed)Economic activity in a changing world Flashcards | StudBud

Explore/(jacoed)Economic activity in a changing world

(jacoed)Economic activity in a changing world

10 terms·StudBud Administration·27 plays

A quiz on the basics of economics

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Questions 10

Answers

1
What is budget surplus?
high taxes
When the government makes more money than they need
low taxes
When minimum wage is 2 cents an hour
2
What are some causes of unemployment
McDonald's ran out of job openings
Lack of average good education
Machines replace workers in factories
To many job openings for specific fields of study
3
What is the definition of inflation
toooo much air in the air
An increase in height
An increase in air pressure
A general increase in cost goods and services
4
What is a budget deficit?
When you cant pay for a wall because Mexico wont pay
Spending more than you have
Trying to win on a slot machine in Vegas
Spending less than you have
5
What was the Great Depression?
The economic depression in the 1930's
A battle in the civil war
When independence was gained from Great Britain
A mix of rapid inflation and deflation
6
What is the standard of living?
The difference between living in a box or a house
The amount of goods and services an average citizen can buy
How much money a person makes and how it affects their lives
The quality of life insurance
7
Identify how the economic activity is measured
metric system
imperial system
GDP and inflation
standard of living, unemployment rate and
8
What is the national debt
25 cents
19-20 trillion
-$902,127,870,146,768,454,098,156,002
$902,127,870,146,768,454,098,156,001
9
"Those who cannot remember the past are condemned to repeat it" Who said this?
Darth Vader
George Bush
George Santayana
Trump
10
What is the definition of deflation?
A general decrease in the cost of goods and services
Not enough air in the air
A general decrease in the shares of a company
A balloon losing air