X100 Review Test #1

X100 Review Test #1 - Chapter 1,2 3 13 Review Questions A...

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Chapter 1,2, 3, 13 Review Questions A budget surplus is when government revenue is higher than government expenses TRUE The U.S.A. is an example of a pure capitalistic economic system FALSE- free enterprise An economic system is the way a country allocates its resources to convert them into consumer goods TRUE Government spending is the engine of the economy FALSE- consumer spending Macroeconomics deals with the big picture of a large economic system TRUE GDP is the value of goods produced by companies who are based in the country and whose goods are produced anywhere FALSE- all goods produced within the borders of a country The GDP adjusted for inflation is called the Real GDP TRUE A recession is a windward turn in an economic cycle TRUE Prices are higher when demand is greater than supply TRUE When stocks are increasing at a robust pace over an extended period of time, this is called a bull market TRUE When you multiply the value per share times the number of shares outstanding, the market capitalization
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