ch12test - Chapter 12 Test 1. T/F Early economists believed...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter 12 Test 1. T/F Early economists believed that an economy would regulate itself. 2. T/F Food is an example of a durable good. 3. T/F Cars are an example of a durable good. 4. T/F Business cycles are not minor ups and downs; but major changes in real GDP above or below normal levels. 5. T/F During expansion the economy has a rising unemployment rate and no business prosperity. 6. T/F Through the 1990's. the country had record growth, low unemployment and low inflation. 7. T/F Higher saving will eventually lead to capital deepening. 8. T/F Real GDP is not a good starting point for measuring quality of life. 9. T/F Investment goods are the structure and equipment purchased by
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
businesses. 10. Which of the following is not a category of goods? a) consumer b) government c) business d) educational 11. Who believed that periodic sunspot activity affected crop harvests? a) Adam Smith b) William Stanley Jevons c) Albert Einstein d) Andrew Carnegie 12. What are the phases of a business cycle? a) expansion, peak, depression
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 5

ch12test - Chapter 12 Test 1. T/F Early economists believed...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online