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5 Written questions

5 Matching questions

  1. externality
  2. creditor
  3. euro
  4. voluntary exchange
  5. deregulation
  1. a economic side effect that affects an uninvolved third party
  2. b relaxation or removal of government regulations on business activities
  3. c person or institution to whom money is owed
  4. d act of buyers and sellers freely and willingly engaging in market transactions;characteristic of capitalism and free enterprise
  5. e single currency of European Union

5 Multiple choice questions

  1. period of growth of real GDP; recovery from recession
  2. division of work into a number of seperate tasks to be performed by different workers; same as specialization
  3. decrease in the general level of the prices of goods and services
  4. check paid to stockholders, usually quarterly, representing portion of corporate profits
  5. risk-taking induvidual in search of profits;one of four factors of production

5 True/False questions

  1. equilibrium priceprice where quantity supplied equals quantity demanded;price that clears the market


  2. discretionary spendingannual government spending in excess of taxes and other revenues


  3. discount rategroup of countries that have agreed to reduce trade barriers


  4. craft unionnon profit service cooperative that accepts deposits, makes loans, and provides other financial services


  5. economic modelorganized way a society provides for the wants and needs of its people