| A | B |
|---|
| The total amount of borrowing by the government that has accumulated over the years is known as the | National debt |
| A major source of business investment funds is | Personal savings |
| Economic Growth is important for each of the following reasons except | it will guarantee employment for all U.S. workers |
| A person who has loaned money to another person, business, or the government is known as a | Creditor |
| When the federal government spends more than it receives in income it has a | Buget Deficit |
| 13. A decrease in the general level of prices | Deflation |
| An increase in the general level of prices | Inflation |
| A phase in which unemployment begins to decrease and production begins to increase. | Recovery |
| A prolonged period of high unemployment, weak sales, and business failures. | Depression |
| A period of time that lasts for 6 months or more when there is slow or no growth in GDP. | Recession |
| A period of time in which employment and GDP are high and growing. | Prosperity |
| Personal income refers to | Salaries and wages as well as investment income and government payments to individuals |
| True or False: The value of lumber that is purchased to build a house is not included as part of GDP | True |
| True or False: Improvements in capital resources, worker training, or management techniques are not likely to result in improved productivity. | False |
| The measure of gross domestic product includes each of the following except | The value of the national debt |
| What are the four stages of the business cycle? | Prosperity, recession, depression, recovery |
| The unemployment rate is | The portion of people in the labor force who are not working, but are willing to work, are looking for work, but can't find a job. |
| The level of material comfort as measured by the goods and services that are available | Standard of Living |
| A situation in which a government’s revenue exceeds its expenditures during a one-year period. | Budget surplus |
| The rise and fall of economic activity over time | Business Cycle |
| A slight change in position, direction, or tendency | Shifts |
| Special importance, value, or prominence given to something | Emphasis |
| What are four economic shifts? | Service based economy, agriculture-based economy, industrial-based economy, information-based economy |
| The total value of the goods and services produced in a country in a given year | GDP |
| Consumer spending | is food, clothing, housing, other consumer items |
| Goods produced and sent outside | Exports |
| Goods receoived into the country | Imports |
| Includes the people of the labor force that are not working, but are willing to work, are looking for work, but can’t find a job. | Unemployment rate |
| The production output in relation to a unit of input (by a worker.) | Productivity |
| Sales of durable and non durable goods and services purchased by consumers | Retail Sales |
