ECONOMICS Practice Test

INFLATION SUPPLY & DEMAND TRADE DEFICIT EMBARGO DEPRESSION RECESSION

1 A downward turn in the economy with moderate unemployment.

2 An order prohibiting trade with another country.

3 A continuous rise in the price of goods and services.

4 A long period of severe economic downturn with high unemployment.

5 The amount of a good or service in the market place and the consumers desire for that good or service.

6 The situation when the value of a country’s foreign imports exceeds the value of its exports.

7 The U.S. and European Union both have…

8 Germany and China both have…

9 What is true of the Model T from ?

10 What economic term is shown here? Gasoline Consumption and Prices YearConsumption Cost Per Gallon (Billions of gallons)Reg.Prem.No lead $.40.45NA

11 What term would describe the period from ?

12 What economic term would fill in the blank? The immediate results of the ******* were dramatic. Prices of gasoline quadrupled, rising from just 25 cents to over a dollar in just a few months. The American Automobile Association recorded that up to twenty percent of the country’s gas stations had no fuel one week during the crisis. In some places drivers were forced to wait in line for two to three hours to get gas. The total consumption of oil in the U.S. dropped twenty percent. This was due to the effort of the public to conserve oil and money. There was an instant drop in the number of homes created with gas heat, because other forms of energy were more affordable at this time.

13 What term would describe the period from ?