The behavior of individual consumers and firms

The overall performance of an economy

The distribution of income and wealth

The role of government in the economy

Gross Domestic Product (GDP)

Gross National Product (GNP)

Net Domestic Product (NDP)

National Income

Real GDP includes the effects of inflation, while nominal GDP does not.

Nominal GDP includes the effects of inflation, while real GDP does not.

Real GDP is adjusted for changes in the price level, while nominal GDP is not.

Nominal GDP is adjusted for changes in the price level, while real GDP is not.

Economic growth always leads to lower unemployment.

Economic growth always leads to higher unemployment.

Economic growth can lead to both lower and higher unemployment, depending on the circumstances.

Economic growth has no impact on unemployment.

An increase in the money supply

An increase in demand

A decrease in supply

All of the above

Demand-pull inflation is caused by an increase in demand, while cost-push inflation is caused by an increase in costs.

Demand-pull inflation is caused by a decrease in demand, while cost-push inflation is caused by a decrease in costs.

Demand-pull inflation is caused by an increase in the money supply, while cost-push inflation is caused by a decrease in the money supply.

Demand-pull inflation is caused by a decrease in the money supply, while cost-push inflation is caused by an increase in the money supply.

To stabilize prices

To promote economic growth

To reduce unemployment

All of the above

Open market operations

Reserve requirements

Discount rate

All of the above

To stabilize the economy

To promote economic growth

To reduce unemployment

All of the above

Expansionary fiscal policy and contractionary fiscal policy

Monetary fiscal policy and contractionary fiscal policy

Expansionary fiscal policy and neutral fiscal policy

Neutral fiscal policy and contractionary fiscal policy

A budget deficit occurs when government spending exceeds government revenue, while a budget surplus occurs when government revenue exceeds government spending.

A budget deficit occurs when government revenue exceeds government spending, while a budget surplus occurs when government spending exceeds government revenue.

A budget deficit occurs when government spending equals government revenue, while a budget surplus occurs when government revenue equals government spending.

A budget deficit occurs when government spending is less than government revenue, while a budget surplus occurs when government revenue is less than government spending.

Technological progress

Capital accumulation

Labor force growth

All of the above

Economic growth is an increase in the quantity of goods and services produced, while economic development is an improvement in the quality of life.

Economic growth is an improvement in the quality of life, while economic development is an increase in the quantity of goods and services produced.

Economic growth and economic development are the same thing.

Economic growth and economic development are unrelated.

Market economies, command economies, and mixed economies

Market economies, centrally planned economies, and mixed economies

Market economies, socialist economies, and mixed economies

Market economies, capitalist economies, and mixed economies

Private ownership of the means of production

Central planning of the economy

Government ownership of the means of production

Equal distribution of income