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5 Written questions

5 Matching questions

  1. Corporate Income Taxes
  2. Consumption Goods
  3. New Goods Bias
  4. Autonomous Consumption
  5. Fiscal Policy
  1. a The use of government purchases, transfer payments, taxes and borrowing to influence economy-wide activity
  2. b Brand New items and services are not calculated into CPI
  3. c goods purchase by households for immediate satisfaction or to use up (ex. food, movies)
  4. d The part of consumption that is independent of the level of disposable income.
  5. e a tax corporation pays on its profits. Third largest contributer of government revenue.

5 Multiple choice questions

  1. 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
  2. Adam Smith's term for the natural self-regulation of a market economy driven by self-interest and efficiency
  3. an economic system based on private ownership of capital
  4. A decline in the economy's total output lasting at least two consecutive quarters or 6 months (An economic Contraction)
  5. The "normal" unemployment rate due to frictional and structural conditions in labor markets. It is the unemployment rate that occurs when the economy is operating at a sustainable rate of output.

5 True/False questions

  1. Average Tax Ratetotal tax paid divided by total (taxable) income, as a percentage

          

  2. Open Market Operationsincome tax deductions from spending money on tax-deductible expenses

          

  3. Budget Deficita shortfall of tax revenue from government spending

          

  4. Mutual FundsFiat Money is accepted because the government has required it to be accepted in settlement of debts

          

  5. Discount RateThe use of government purchases, transfer payments, taxes and borrowing to influence economy-wide activity

          

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