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ClassTools Premium membership gives access to all templates, no advertisements, personal branding and many other benefits!
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| Question | Answer |
| 1. Supply is a sellers willingness and ability to ______ | sell |
| 2. Demand is a buyers willingness and ability to ______ | buy |
| 3. When graphing supply and demand a shift to the right is what? | Increase |
| 4. When graphing supply and demand a shift to the left is what? | Decrease |
| 5. If the price of milk goes up, what happens to the supply of Dairy Queen Blizzards? | Decrease |
| 6.___________ is the point where supply equals demand. | Equillibrium |
| 7.What are the 4 stages of the business cycle? | Recession,Depression,Prosperity,Recovery |
| 8.What is GDP? | Gross Domestic Product |
| 9. What measure the number of people who are willing and able to work but can't find work? | Unemployment rate |
| 10. What is the peak of economic activity? | Prosperity |
| 11. What stage was our economy in during 2008? | Recession |
| 12. What stage of the business cycle is least common | Depression |
| 13. Why has world trade increased so much since the 1970's? | Technology |
| 15. What is something the U.S. has a comparative advantage in? | Producing cars |
| 16. The U.S. is to dollar as ____________ is to Pound. | England |
| 17. The price at which one currency can buy another is what? | Exchange rate |
| 18. What three countries form the alliance of NAFTA? | Canada, America, Mexico |
| 19. What is a tarriff? | A tax put on imports |
| 20. What is more common an embargo or quota? | Quota |