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5 Written questions

5 Matching questions

  1. corporation
  2. World Trade Organization (WTO)
  3. division of labor
  4. demand schedule
  5. deregulation
  1. a international agency that administers trade agreements, settles trade disputes between governments, organizes trade negotiations, and provides technical assistance and training for developing countries
  2. b listing showing quantity demanded at all possible prices that might prevail in the market at any given time
  3. c relaxation or removal of government regulations on business activities
  4. d form of business organization recognized by law as a seperate legal entity with all the rights and responsibilities of an induvidual, including the right to buy & sell property, enter into legal contracts, and be sued
  5. e division of work into a number of seperate tasks to be performed by different workers; same as specialization

5 Multiple choice questions

  1. annual government spending in excess of taxes and other revenues
  2. GDP measured in current prices, adjusted for inflation
  3. decreasing satisfaction or usefulness as additional units of production are acquired
  4. general revenue tax levied on the manufac ture or sale of selected items
  5. a measure of responsiveness that tells us how a dependent variable such as quantity responds to a change in an independent variable such as a price

5 True/False questions

  1. defaultthe act of not repaying borrowed money


  2. credit unionlabor union whose workers perform the same kind of work as a trade union


  3. distribution of incomeway in which the nations income is divided among families, induviduals, or oter designated groups


  4. craft unionlabor union whose workers perform the same kind of work as a trade union


  5. embargosingle currency of European Union


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