#1
Which of the following is a lagging economic indicator?
Unemployment rate
Gross Domestic Product (GDP)
Consumer Price Index (CPI)
Corporate profits
#2
Which economic indicator measures the overall level of consumer prices?
Gross Domestic Product (GDP)
Unemployment rate
Consumer Price Index (CPI)
Producer Price Index (PPI)
#3
Which of the following is an example of a leading economic indicator?
Stock market indices
Industrial production index
Retail sales
Housing starts
#4
What does GDP stand for?
Gross Domestic Profit
Gross Domestic Product
General Domestic Production
Gross Domestic Price
#5
What is the primary purpose of the Federal Reserve System in the United States?
Regulating international trade
Managing fiscal policy
Conducting monetary policy
Providing social welfare programs
#6
Which of the following is considered a 'real' economic variable?
Nominal GDP
Consumer Price Index (CPI)
Inflation rate
Gross National Product (GNP)
#7
What is the primary tool used by central banks to control the money supply?
Fiscal policy
Open market operations
Quantitative easing
Exchange rate policy
#8
Which of the following is not a phase of the business cycle?
Expansion
Recession
Depression
Normalization
#9
Which of the following is a measure of income inequality?
Gini coefficient
Poverty rate
Human Development Index (HDI)
Consumer Price Index (CPI)
#10
What does the term 'stagflation' refer to?
Rapid economic growth coupled with low inflation
A period of high inflation and high unemployment
A period of recession followed by rapid recovery
Stagnation in economic growth accompanied by deflation
#11
What is the term used to describe a period of decline in economic activity across the economy lasting for an extended period?
Recession
Depression
Expansion
Peak
#12
Which of the following economic indicators is used to measure the overall health of the labor market?
GDP growth rate
Consumer Price Index (CPI)
Unemployment rate
Industrial production index
#13
What economic theory suggests that government intervention in the economy should be minimal to achieve long-term stability?
Keynesian economics
Monetarism
Supply-side economics
Neoliberalism
#14
Which of the following fiscal policies involves increasing government spending and/or decreasing taxes to stimulate economic growth?
Expansionary fiscal policy
Contractionary fiscal policy
Monetary policy
Supply-side policy
#15
What is the main goal of monetary policy?
Stabilizing prices
Promoting economic growth
Reducing income inequality
Increasing government revenue
#16
What is the term for a situation in which one entity has a comparative advantage in producing a good or service at a lower opportunity cost than another entity?
Absolute advantage
Comparative advantage
Opportunity advantage
Resource advantage
#17
Which of the following is an example of fiscal policy?
The Federal Reserve adjusting interest rates
The government increasing spending on infrastructure
A central bank purchasing government bonds
A decrease in the money supply