exam

A person who uses a new idea to bring out a product or service to the marketplace is known as:

An entrepreneur.

deflation

a decline in prices when the inflation rate falls below 0%.

inflation

a rise in prices, which can be translated as the decline of purchasing power over time.

an economist

a term that describes a profession/professional that studies the relationship between a society's resources and its production or output, and their opinions help shape economic policies related to interest rates, tax laws, employment programs, etc.

consumer price index

this tool measures the level of retail price changes, and the costs that consumers pay, and is the benchmark for measuring inflation.

Which of the following would reduce inequality of income in the United States?

Improvement of schools serving lower-income populations.

macroeconomics

is the part of economics that concentrates on the behavior of the overall economy; such as supply chain and GDP.

Economics

is the social science that focuses on the production, distribution, and consumption of goods and services.

Microeconomics

the part of economics that focuses on the choices of individuals and businesses

What word would apply if the total dollar value of spending in the United States went up but the goods and services consumed remained just the same?

Deflation.

When good weather in the Midwest increases the wheat harvest, the result is:

Higher quantity and lower prices.

Think about the quantity of plums and apples that people want to buy in a market. If the price of plums doubled and the price of apples stayed the same, what would happen to these quantities?

Plums down, apples up.

Why do people in all societies have to make choices about how to use resources?

Resources used in the production of goods and services are limited.

If a government restricts the imports of sugar into a nation, who is likely to benefit?

The nation's sugar producers.

If in an emergency the government sets a limit on the price that can be charged for gasoline (price ceiling), what is the most likely result?

There will be less gasoline available than people want to buy.

For most people, the largest portion of their personal income comes from:

Wages and salaries from their jobs.

gross nation production

the broadest measure of a country's economic performance.