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Primavera Economy Unit 5 Workbooks and Checkpoints
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Primavera Economy Unit 5 Workbooks and Checkpoints
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Name: Score:88 Multiple choice questions
Term 1 of 88
What is the purpose of the Office of Inspector General?
It manages the federal reserve's human resources department.
It provides legal counsel to the federal reserve.
It oversees the federal reserve's monetary policy decisions.
It conducts audits of the Federal Reserve to eliminate fraud and waste.
Term 2 of 88
Where are the Federal Reserve branches located?
To Increase Trade between Mexico, the United States, and Canada.
Only One Time.
Throughout the United States.
Board.
Term 3 of 88
How is real GDP different from nominal GDP?
Real gdp is not affected by inflation and is always higher than nominal gdp.
Real GDP is adjusted for inflation and often appears lower than normal GDP.
They will not survive due to high production costs.
When the cost of a country's exports exceeds the cost of its imports.
,Term 4 of 88
Read the scenario.Joanne, a former account manager at a large corporation, recently lost her job.
Although her family can still pay its bills and afford groceries, the family no longer has
discretionary income for leisure activities, such as going to restaurants or movie theaters. They
have much less money compared to their friends and neighbors. This is an example of _[blank]_.
Which most accurately completes the sentence?
Relative poverty.
Economic growth.
Standard of living.
Absolute poverty.
Term 5 of 88
Which region of the world accounts for the most people living in extreme poverty?
Latin America.
North Africa.
Sub-Saharan Africa.
East Asia.
Term 6 of 88
Read the sentence. In the early 1800s, David Ricardo developed the theory of [blank] advantage,
which describes how a nation may have lower opportunity costs than another nation. Which best
completes the sentence?
Definitive.
Preemptive.
Absolute.
Comparative.
, Term 7 of 88
What was the name of the money the Continental Congress authorized?
Absolute.
Continentals.
Litorals.
Interiors.
Term 8 of 88
How does Congress hold the Federal Reserve accountable? (Select all that apply.)
Floyd quits his job at the store to look for a better-paying job in manufacturing.
The Government Accountability Office (GAO) can audit the Federal Reserve's activities,
Appointees of the Federal Reserve can appear before congressional committees to
provide testimony.
It offers loans to developing countries.
Debt to foreign banks, external debt to foreign banks.
Definition 9 of 88
It can help governments know how their spending could be affected, It can help businesses know
how their ability to take risks with new products could be affected, It can help individuals know
how their standard of living could be affected.
Why is measuring economic performance important? (Select all that apply.)
Which accurately describes price indexes economists use to monitor prices and inflation?
Which is most likely to be implemented by the government to overcome structural
unemployment?
What position did labor unions take on the free trade agreements passed in the 1990s?
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