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Econ Review Flashcards | StudBud
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Econ Review
Econ Review
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1
Which term describes the total market value of all final goods & services produced within a country?
Gross Domestic Product (GDP)
Net National Product (NNP)
Consumer Price Index (CPI)
Inflation
2
If the CPI increases, it indicates that:
The economy is producing fewer goods
Prices of goods and services have decreased
There has been a decline in GDP
Prices of goods and services have increased
3
Canada's economy is ....
Market
Mixed
Capitalism
Command
4
Which of the following is NOT included in the calculation of GDP?
Purchases of financial assets like stocks
Consumer spending on goods
Government spending
Investments by businesses
5
Monetary policy primarily involves:
Regulating prices and wages
Changing government spending and taxation
Controlling the money supply and interest rates
Balancing the budget
6
Combo of policies, laws, and choices made by the government that determines who owns/controls factors of production.
Economic System
Command economy
Combo system
Mixed Economy
7
Command economy = government owns and controls all markets
True
False
8
Resources used to create goods & services (ex. Natural resources, capital, labour, knowledge, entrepreneurship)
Factors of production
Natural resources
Goods & services
Unlimited resources
9
Which of the following is an example of expansionary fiscal policy?
Decreasing government spending
Increasing interest rates
Increasing taxes
Increasing government spending on infrastructure projects
10
Which phase of the business cycle is characterized by increasing employment, income, and production?
Expansion
Peak
Recession
Trough
11
Market economy is also known as capitalism
False
True
12
The price where demand = quantity
Equilibrium
Oligopoly
Break even
Price point
13
When the Bank of Canada lowers interest rates, it is likely to result in:
Increased borrowing and spending by consumers
A decrease in the money supply
Higher levels of unemployment
Lower investment spending by businesses
14
GDP is best defined as the:
Value of a country’s currency relative to other countries
Total value of goods & services produced within a country in a given year
Amount of goods and services a country exports in a year
Total value of goods and services produced worldwide
15
Fiscal policy refers to:
Adjustments to the stock market regulations
Government decisions on spending and taxation
Actions taken by the central bank to control inflation
Trade agreements between countries
16
The Consumer Price Index (CPI) is used to measure:
The overall output of a country's economy
Changes in the cost of living or inflation over time
The total value of goods produced by businesses
The amount of money in circulation
