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5 Written Questions

5 Matching Questions

  1. Unemployment Benefits
  2. Fiscal Drag
  3. Opportunity Cost
  4. Federal Funds Rate
  5. Horizontal Equity
  1. a The value of the best alternative forgone when an item or activity is chosen
  2. b The interest a bank pays another bank for an overnight loan
  3. c Cash transfers for those who lose their jobs and actively seek employment. Last for up to 6 months usually. (more during recessions)
  4. d When taxes increase, welfare and unemployment compensation decrease in response to an economic expansion. This lessens the increase in disposable income
  5. e People with equal incomes should pay approximately equal taxes. The problem with this is that people may have unequal deductions

5 Multiple Choice Questions

  1. same good produced w/ better quality get more value for the same price
  2. Debts that an economic unit owes to others
  3. Firm with a single owner who has the right to all profits and who bears unlimited liability for the firm's debts
  4. when the rate of inflation turns out to be roughly what most people had expected
  5. Unemployment because the skills needed for a job do not match those of the unemployed, or the unemployed do not live where the jobs are located

5 True/False Questions

  1. DepreciationThe amount by which the value of an asset falls in a given period

          

  2. Legal Tenderfinancial organization that pools people's money and invests it

          

  3. Keynesian Economicssystem in which one set of goods or services is exchanged for another (Requires double coincidence of wants)

          

  4. Monetary PolicyRegulation of money supply to influence economy-wide activity

          

  5. Full Employmentthe economic condition when everyone who wishes to work at the going wage-rate for their type of labor is employed

          

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