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5 Written questions

5 Matching questions

  1. demand curve
  2. elastic
  3. economic interdependce
  4. current GDP
  5. corporation
  1. a graph showing the quantity demanded at each and every possible price that might prevail in the market at any given time
  2. b GDP measured in current prices, adjusted for inflation
  3. c 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)
  4. d economic activities in one part of the country or world affect what happens elsewhere
  5. e 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 Multiple choice questions

  1. way in which the nations income is divided among families, induviduals, or oter designated groups
  2. social science dealing with the study of how people satisfy seemingly unimited and competing wants with the careful use of scarce resources
  3. labor union whose workers perform the same kind of work as a trade union
  4. check paid to stockholders, usually quarterly, representing portion of corporate profits
  5. stage of production where output increases at a decreasing rate as more units of variable input are added

5 True/False questions

  1. expansionperiod of growth of real GDP; recovery from recession


  2. disposable personal incomepersonal income less induvidual income taxes; total income available to the consumer sector after income taxes


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


  4. deficient spendingspending for federal programs that must recieve annual authorization


  5. entrepreneurstate of the economy with large numbers of unemployed, declining real incomes, overcapacity in manufacturing, general economic hardships