Nouns 2

Question 1

What term describes the total market value of all final goods and services produced in a country in a given year?

Answer 1

Gross Domestic Product (GDP)

Question 2

True or False: Inflation refers to a decrease in the general price level of goods and services.

Answer 2

False

Question 3

Fill in the blank: A _____ is a person who buys goods and services for personal use.

Answer 3

consumer

Question 4

What is the term for the amount of money that a government owes to creditors?

Answer 4

National debt

Question 5

Which economic term refers to the situation where supply exceeds demand?

Answer 5

Surplus

Question 6

What is the economic term for a prolonged period of declining economic performance?

Answer 6

Recession

Question 7

Multiple Choice: What is the primary goal of monetary policy? A) Increase taxes B) Control inflation C) Decrease exports

Answer 7

B) Control inflation

Question 8

True or False: A monopoly exists when a single company dominates a particular market.

Answer 8

True

Question 9

What do we call a market structure characterized by a few firms that have significant market power?

Answer 9

Oligopoly

Question 10

Fill in the blank: The _____ is the rate at which one currency can be exchanged for another.

Answer 10

exchange rate