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5 Written questions

5 Matching questions

  1. diminishing returns
  2. demand schedule
  3. default
  4. deficient spending
  5. economics
  1. a social science dealing with the study of how people satisfy seemingly unimited and competing wants with the careful use of scarce resources
  2. b annual government spending in excess of taxes and other revenues
  3. c the act of not repaying borrowed money
  4. d listing showing quantity demanded at all possible prices that might prevail in the market at any given time
  5. e stage of production where output increases at a decreasing rate as more units of variable input are added

5 Multiple choice questions

  1. monetary policy resulting in lower interest rates and greater access to credit (associated with an expansion of the money supply)
  2. international agency that administers trade agreements, settles trade disputes between governments, organizes trade negotiations, and provides technical assistance and training for developing countries
  3. feature of taxation that allows stockholders dividends to be taxed both as corporate profit and as personal income
  4. GDP measured in current prices, adjusted for inflation
  5. single currency of European Union

5 True/False questions

  1. economic systemset of assumptions in a table, graph, or equations used to describe or explain economic behaviors

          

  2. division of labordivision of work into a number of seperate tasks to be performed by different workers; same as specialization

          

  3. distribution of incomedivision of work into a number of seperate tasks to be performed by different workers; same as specialization

          

  4. expansiondecrease in the general level of the prices of goods and services

          

  5. creditornon profit service cooperative that accepts deposits, makes loans, and provides other financial services

          

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