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5 Written questions

5 Matching questions

  1. Positive Statement
  2. Wealth of Nations
  3. Excess Reserves
  4. Federal Funds Rate
  5. Vertical Equity
  1. a any reserves held beyond the required amount. No interest earned on these reserves
  2. b 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.
  3. c the idea that taxpayers with a greater ability to pay taxes should pay larger amounts. The problem is "how much more?"
  4. d A statement that can be proved or disproved by reference to facts
  5. e The interest a bank pays another bank for an overnight loan

5 Multiple choice questions

  1. a shortfall of tax revenue from government spending
  2. A reduction in the rate on inflation
  3. The ability to produce something at a lower opportunity cost than other producers face
  4. A sustained rise in the price level caused by a leftward shift of the aggregate supply curve
  5. increase in the value of an asset

5 True/False questions

  1. Annually Balanced BudgetShows the assets, liabilities and net worth of an organization. Also know as a "t account"

          

  2. Horizontal Equitythe idea that taxpayers with a greater ability to pay taxes should pay larger amounts. The problem is "how much more?"

          

  3. Normative Statementa statement that reflects an opinion, which cannot be proved or disproved by reference to the facts

          

  4. Quality Biasincrease in the value of an asset

          

  5. Ability to Pay PrincipleThose with greater ability to pay should pay more tax.

          

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