Welcome to your Grade 10 Economics chapter 6
After carefully reading the following 30 questions, choose the correct answer.
1.
What does economic growth represent in an economy?
2.
Why is economic growth considered desirable?
3.
Which of the following can increase economic growth?
4.
What does "unemployment" refer to in macroeconomics?
5.
What characterizes the "Prosperity" or "Boom" phase of a business cycle?
6.
What happens during the "Recession" phase of a business cycle?
7.
Which phase is characterized by business confidence being at its lowest?
8.
What occurs during the "Recovery" or "Expansion" phase?
9.
What are the major macroeconomic variables mentioned in the text?
10.
What is one of the major macroeconomic goals pursued by governments?
11.
In the short run, economic growth is when what increases?
12.
In the long run, economic growth refers to a sustained increase in what?
13.
Why does technological improvement bring economic growth?
14.
How many countries were classified as Least Developed Countries (LDCs) as of 2010?
15.
How many African countries are included in the 2010 LDC classification?
16.
Why is GDP not a perfect measure of well-being?
17.
What kind of transactions does GDP exclude?
18.
Economic growth occurs when resources are:
19.
What is the central concern of economics according to the text?
20.
How can a country alleviate poverty and provide higher standards of living?
21.
Frictional unemployment is caused by:
22.
What fuels "boom" conditions through a specific economic effect?
23.
During a recession, what do financial institutions and businesses tend to do?
24.
What is the "Trend Line" in a business cycle diagram usually associated with?
25.
Which countries are in the 2010 LDC list besides Africa and Asia?
26.
Macroeconomic variables are used to assess why some countries are:
27.
What is one weakness of using GDP per capita as a measure?
28.
What refers to a sustained increase in per capita income and associated structural changes?
29.
"Macroeconomic goals" usually include improved:
30.
What happens to prices during the "Depression" phase?
