#1
Which of the following factors is NOT typically considered when analyzing economic trends?
Population density
ExplanationPopulation density is not typically considered as it doesn't directly correlate with economic trends.
#2
What term describes the situation where the demand for goods and services exceeds supply, leading to rising prices?
Inflation
ExplanationInflation is the general increase in prices and decrease in the purchasing value of money.
#3
What is the term for a situation where the economy experiences a prolonged period of decline in economic activity, typically characterized by falling GDP and rising unemployment?
Depression
ExplanationA depression is a severe and prolonged economic downturn marked by reduced economic activity and high unemployment rates.
#4
Which of the following best describes the concept of 'outsourcing' in the context of career trends?
Delegating tasks to external vendors or contractors
ExplanationOutsourcing involves assigning tasks or projects to external parties rather than completing them internally.
#5
What is the primary purpose of Gross Domestic Product (GDP) in analyzing economic trends?
To measure the total value of goods and services produced within a country
ExplanationGDP serves as an indicator of a country's economic health by measuring its total economic output.
#6
What economic indicator measures the average change in prices paid by consumers for a basket of goods and services over time?
Consumer Price Index (CPI)
ExplanationCPI measures inflation by tracking changes in the prices of a representative basket of consumer goods and services.
#7
Which of the following is NOT a potential benefit of globalization on careers and economic trends?
Reduced income inequality
ExplanationGlobalization may exacerbate income inequality due to various factors such as outsourcing and competition.
#8
What term describes a situation where a country's currency loses value relative to other currencies, making imports more expensive and exports cheaper?
Depreciation
ExplanationDepreciation refers to a decline in the value of a currency relative to other currencies, affecting trade balances.
#9
Which of the following best describes the term 'structural unemployment'?
Unemployment caused by mismatches between the skills of workers and the requirements of available jobs
ExplanationStructural unemployment arises from disparities between the skills possessed by workers and those demanded by available jobs.