5 Written questions
5 Matching questions
- Philip's Curve
- Vertical Equity
- New Goods Bias
- Capital Gains
- a profits distributed to stockholders on a per-share basis
- b Brand New items and services are not calculated into CPI
- c Graph showing an inverse (negative) relationship between the unemployment rate and the inflation rate
- d increase in the value of an asset
- e the idea that taxpayers with a greater ability to pay taxes should pay larger amounts. The problem is "how much more?"
5 Multiple choice questions
- A very high rate of inflation
- The ability to produce something at a lower opportunity cost than other producers face
- This is the 18th century book written by Scottish economist Adam Smith in which he spells out the first modern account of free market economies.
- Debts that an economic unit owes to others
- Fiat Money is accepted because the government has required it to be accepted in settlement of debts
5 True/False questions
Capital Goods → an economic system based on private ownership of capital
Expansionary Monetary Policy → An increase in government purchases, decrease in net taxes, or some combination of the two aimed at increasing aggregate demand enough to return the economy to its output, thereby reducing unemployment
Fallacy of False Cause → The incorrect assumption that one event causes another because the two events tend to occur together.
Discount Rate → profits distributed to stockholders on a per-share basis
Corporation → A legal entity whose liability is limited to the value of their stock