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5 Written Questions

5 Matching Questions

  1. voluntary exchange
  2. deregulation
  3. craft union
  4. current GDP
  5. default
  1. a act of buyers and sellers freely and willingly engaging in market transactions;characteristic of capitalism and free enterprise
  2. b GDP measured in current prices, adjusted for inflation
  3. c the act of not repaying borrowed money
  4. d labor union whose workers perform the same kind of work as a trade union
  5. e relaxation or removal of government regulations on business activities

5 Multiple Choice Questions

  1. stage of production where output increases at a decreasing rate as more units of variable input are added
  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. form of business organization recognized by law as a seperate legal entity with all the rights and responsibilities of an induvidual, including the right to buy & sell property, enter into legal contracts, and be sued
  4. check paid to stockholders, usually quarterly, representing portion of corporate profits
  5. social science dealing with the study of how people satisfy seemingly unimited and competing wants with the careful use of scarce resources

5 True/False Questions

  1. europrohibition on the export or import of a product


  2. deficient spendingspending for federal programs that must recieve annual authorization


  3. credit unionlabor union whose workers perform the same kind of work as a trade union


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


  5. economic modelorganized way a society provides for the wants and needs of its people


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