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5 Written questions

5 Matching questions

  1. credit union
  2. exports
  3. disposable personal income
  4. deficient spending
  5. deflation
  1. a decrease in the general level of the prices of goods and services
  2. b personal income less induvidual income taxes; total income available to the consumer sector after income taxes
  3. c annual government spending in excess of taxes and other revenues
  4. d the goods and services that a nation produces and then sells to other nations
  5. e non profit service cooperative that accepts deposits, makes loans, and provides other financial services

5 Multiple choice questions

  1. unemployment directly related to swings in a business cycle
  2. group of countries that have agreed to reduce trade barriers
  3. act of buyers and sellers freely and willingly engaging in market transactions;characteristic of capitalism and free enterprise
  4. period of growth of real GDP; recovery from recession
  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. defaultcombination of desire, ability, and willingness to buy a product


  2. double taxationgradual wear on capital goods during production


  3. diminishing marginal utilitydecreasing satisfaction or usefulness as additional units of production are acquired


  4. diminishing returnsstage of production where output increases at a decreasing rate as more units of variable input are added


  5. elastictype 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)