Practice Quiz

Praxis II Social Sciences Content Knowledge Exam Prep - Question List

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41. Which of the following terms refers to the market value of all the final goods and services that is produced by an economy within a given period of time?
  1. Gross national product
  2. Gross domestic product
  3. Stagflation
  4. Market demand
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42. When discussing the aggregate expenditure approach, economists generally include four distinct types of spending: investment, government spending, net exports, and ____________.
  1. Peak
  2. Double counting
  3. Consumption
  4. Medicare
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43. Which of the following is the overarching, centralized banking authority in the United States?
  1. Social Security
  2. Bank of America
  3. The Federal Reserve
  4. The FDIC
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44. Structural rate of unemployment is also referred to as the natural rate of unemployment and it is consistent with aggregate production. The two economists who developed this concept in the 1960s are:
  1. Phillips & Phelps
  2. Phelps & Adams
  3. Friedman & Phelps
  4. Phillips & Adams
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45. In Keynesian economics, “liquidity trap” refers to instances when demand for money becomes inelastic, which means that further introduction of money into the economy will not lower interest rates. What is the shape of a demand curve during a liquidity trap?
  1. Horizontal
  2. Vertical
  3. Concave
  4. Convex
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