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5 Written questions

5 Matching questions

  1. excise tax
  2. expansion
  3. creditor
  4. externality
  5. economics
  1. a general revenue tax levied on the manufac ture or sale of selected items
  2. b economic side effect that affects an uninvolved third party
  3. c person or institution to whom money is owed
  4. d social science dealing with the study of how people satisfy seemingly unimited and competing wants with the careful use of scarce resources
  5. e period of growth of real GDP; recovery from recession

5 Multiple choice questions

  1. state of the economy with large numbers of unemployed, declining real incomes, overcapacity in manufacturing, general economic hardships
  2. labor union whose workers perform the same kind of work as a trade union
  3. price where quantity supplied equals quantity demanded;price that clears the market
  4. act of buyers and sellers freely and willingly engaging in market transactions;characteristic of capitalism and free enterprise
  5. set of assumptions in a table, graph, or equations used to describe or explain economic behaviors

5 True/False questions

  1. cyclical unemploymentunemployment directly related to swings in a business cycle


  2. demand curvegraph showing the quantity demanded at each and every possible price that might prevail in the market at any given time


  3. elasticitya 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


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


  5. double taxationfeature of taxation that allows stockholders dividends to be taxed both as corporate profit and as personal income