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5 Written Questions

5 Matching Questions

  1. Sole Proprietor
  2. Proportional Tax
  3. Depression
  4. Trough
  5. Capital Gains
  1. a Firm with a single owner who has the right to all profits and who bears unlimited liability for the firm's debts
  2. b the lowest point in an economic contraction, when real GDP stops falling
  3. c a tax for which the percentage of income paid in taxes remains the same for all income levels
  4. d increase in the value of an asset
  5. e A sharp reduction in an economy's total output accompanied by high unemployment lasting more than one year (Severe Economic Contraction)

5 Multiple Choice Questions

  1. the economic condition when everyone who wishes to work at the going wage-rate for their type of labor is employed
  2. Those who benefit from public spending should bear the burden of the tax that pays for that spending. Ex Gasoline taxes are spent on highway maintenance
  3. income tax deductions from spending money on tax-deductible expenses
  4. A very high rate of inflation
  5. When consumers adjust their purchase habits because of changing prices (consumers by products whose prices are increasing less)

5 True/False Questions

  1. Fallacy of False CauseThe incorrect assumption that one event causes another because the two events tend to occur together.

          

  2. Full Employment of resourceslaw that assigned to the federal government the responsibility for promoting full employment and price stability

          

  3. Rational Economic BehaviorUnemployment that occurs because job-seekers and employers need time to find each other

          

  4. Mutual FundsItems designated by government decree to serve as money, although essentially worthless

          

  5. Bank ReservesThe cash that a bank has in its vault plus any deposits that a bank has at the Federal Reserve

          

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