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5 Written questions

5 Matching questions

  1. diminishing marginal utility
  2. current GDP
  3. economic interdependce
  4. elastic
  5. economic model
  1. a type of elasticity where the percentage change in the independent variable (usually price) casues a more than proportionate change in the dependent variable (usually quantity demanded or supplied)
  2. b economic activities in one part of the country or world affect what happens elsewhere
  3. c GDP measured in current prices, adjusted for inflation
  4. d set of assumptions in a table, graph, or equations used to describe or explain economic behaviors
  5. e decreasing satisfaction or usefulness as additional units of production are acquired

5 Multiple choice questions

  1. stage of production where output increases at a decreasing rate as more units of variable input are added
  2. decrease in the general level of the prices of goods and services
  3. general revenue tax levied on the manufac ture or sale of selected items
  4. person or institution to whom money is owed
  5. feature of taxation that allows stockholders dividends to be taxed both as corporate profit and as personal income

5 True/False questions

  1. defaultcombination of desire, ability, and willingness to buy a product


  2. deregulationrelaxation or removal of government regulations on business activities


  3. economic systemorganized way a society provides for the wants and needs of its people


  4. europrohibition on the export or import of a product


  5. discount rateinterest rate that the federal reserve system charges on loans to the nation's financial institution