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General Business - Chapter 2 - Economic Activity

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.

What is the total dollar value of all final goods and services produced in a country during one year?   GDP  
What is GDP?   Gross Domestic Product  
What is the output per person?   GDP Per Capita  
What is the portion of people in the labor force who are not working?   Unemployment Rate  
What is the production output in relation to a unit of input, such as a worker?   Productivity  
What refers to salaries and wages as well as investment income and government payments to individuals?   Personal Income  
What is the sales of durable and nondurable goods brought by consumers?   Retail Sales  
What is the movement of the economy from one condition to another and back again?   Business Cycle  
What is a period in which most people who want to work are working, business produce goods and services in record numbers, wages are good, and the rate of GDP growth increases?   Prosperity  
What is a period in which demand begins to decrease, business lower production, unemployment begins to rise, and GDP growth slows for two or more quarters of the calender year?   Recession  
What is a phase marked by a prolonged period of high unemployment, weak consumer sales, and business failures?   Depression  
What is the phase in which unemployment begins to decrease, demand for goods and services increases, and GDP begins to rise again?   Recovery  
What is an increase in the general level of prices?   Inflation  
What is a number that compares prices in one year with prices in some earlier base year?   Price Index  
What means a decrease in the general level of prices?   Deflation  
What is the rate banks make available to their best business customers, such as large corporations?   Prime Rate  
What is the rate financial institutions are charged to borrow funds from Federal Reserve banks?   Discount Rate  
What is the yield on short-term (13-weeks) U.S. government debt obligations?   T-Bill Rate  
What is the yield on long-term (20-year) U.S. government debt obligations?   Treasury Bond Rate  
What is the amount individuals pay to borrow for the purchase of a new home?   Mortgage Rate  
What is the cost of borrowing for large U.S. corporations?   Corporate Bond Rate  
What is the rate for time deposits at savings institution?   Certificate of Deposit Rate  
What refers to money spent by a business for an item that will be used over a long period?   Capital Spending  
What involves spending by business for items such as land, buildings, equipment, and new products?   Capital Projects  
What represents ownership in a corporation?   Stock  
What is stock ownership commonly called?   Equity  
What represents debt for an organization?   Bond  
Your a what if you purchase a corporate or government bond?   Creditor  
What is the result of a government which spends LESS tan it takes in?   Budget Surplus  
What is the result of a government which spends MORE than it takes in?   Budget Deficit  
What is the total amount owed by the federal government?   National Debt  


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Created by: Mrs. Waara (PHS)