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Primavera Economics Unit 5 Exam 2024 Questions with Correct Answers
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Primavera Economics Unit 5 Exam 2024
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Primavera Economics Unit 5 Exam 2024Which is a characteristic of the takeoff stage of Rostow's Five Stages of Economic
Growth? - answer WRONG - Advancements in technology require a skilled labor force
competent in electronics, medicine, and engineering.
What is the primary tool used to measure inflation? - answer Consumer price index.
What impact can government policies have on the business cycle? - answer Policies
that raise interest rates may cause an economic contraction.
How do gross national product (GNP) and gross domestic product (GDP) differ? -
answer While GNP includes production by all people and businesses of a country, GDP
only includes production within a country's borders.
Which describes a way that gross domestic product (GDP) is used to measure the
economy? - answer If GDP decreases for six months straight, a country is in a
recession.
How can a developing nation improve its economy if it lacks natural resources? -
answerIt can engage in international trade.
How does the law of comparable advantage lead to international trade? -
answerCountries make products they can produce efficiently and are able to get the rest
of what they need through trade.
What are functions of the Federal Reserve? (Select all that apply.) - answerIt enters US
currency into circulation, It offers financial services within the government.
Which accurately describes a cause for inflation? - answerWRONG - The Federal
Reserve raises interest rates and slows economic activity.
Why does nominal gross domestic product (GDP) sometimes seem larger than real
GDP? - answerRead GDP includes inflation in its calculation, whereas nominal GDP
does not.
Why would wealthy nations have an interest in the development of poor nations?
(Select all that apply.) - answerIt opens up new markets for goods and services, They
feel an ethical or moral obligation to do so.
What is true regarding seasonal unemployment? - answerIt is not as troubling to the
government as other types of unemployment.
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