Figures are also used to measure economic performance are call RBIs and strikeouts. T or F
False
All cultures have the same ethical standard. T or F
False
Factory with long hours, low wages, and poor conditions.
Sweatshop
The invention of computers and the transformation of production, delivery, and sales of goods and services. What is the name of this revolution?
Computer revolation
A general increase in the price of goods and services over time.
Inflation
Rules used to punish violators for misconduct
Laws
In a global economy, one country’s economy can affect other trading partners. T or F
True
What is the stage that follows a recession or depression in the business cycle?
Recovery
National debt is the total amount of money a government owes... true or false?
True
Economic indicators measure...
economic performance
Economies go through ups and downs? T or F
True
The recovery of the Great Depression was helped by?
World War II
Social responsibility is the duty to do what is best for the good of society. True or False
True
Revenue means income. True or False
True
The total amount of money a government owes is
National debt
measure the number of people who are able and willing to work but cannot find work during a given period of time
unemployment rate
One way of telling how well a country is performing is to measure how many goods and services it produces. T or F
True
A conflict of interest is a conflict between self interest and... a)Professional obligation b)Unfair practices c)Personal obligation d)Another persons self-interest
A
St. Louis has a Federal Reserve Bank. T or F
True
An economy where the majority of economic activity is focused on providing services.
Service-based economy
The level of material comfort measured by the goods and services available in a country is the standard of living. T or F
True
__________ are moral principles by which people conduct themselves personally, socially, or professionally
Ethics
Rules based on moral principles about how businesses and employees ought to conduct themselves
Business Ethics
A phase of the business cycle characterized by economic growth and high employment.
Prosperity
Trading goods and services without using money.
Bartering
An economy where the majority of economic activity is focused on farming and agriculture.
Agriculture-based economy
The total value of goods and services produced in a country during a specific period of time.
GDP
The federal agency that enforces the laws that protect consumers from dangerous or falsely advertised products is known by the acronym
FDA
Ethics and morals are the same thing. True or false
False
Revenue means taxes. True or False
False
An economy where the majority of economic activity is focused on manufacturing and industry.
Industry-based economy
Which is the current emphasis in the U.S. economy?
Information
The rise and fall of economic activity over time.
Business cycle
In a recession economic activity speeds up. True or False
False
How many major economic shifts has the US experienced?
4
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