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5 Written questions

5 Matching questions

  1. Expansionary Fiscal Policy
  2. Dividends
  3. Full Employment
  4. Trough
  5. Sole Proprietor
  1. a profits distributed to stockholders on a per-share basis
  2. b An increase in government purchases, decrease in net taxes, or some combination of the two aimed at increasing aggregate demand enough to return the economy to its output, thereby reducing unemployment
  3. c the economic condition when everyone who wishes to work at the going wage-rate for their type of labor is employed
  4. d the lowest point in an economic contraction, when real GDP stops falling
  5. e Firm with a single owner who has the right to all profits and who bears unlimited liability for the firm's debts

5 Multiple choice questions

  1. The "normal" unemployment rate due to frictional and structural conditions in labor markets. It is the unemployment rate that occurs when the economy is operating at a sustainable rate of output.
  2. A statement that can be proved or disproved by reference to facts
  3. The ability to produce something at a lower opportunity cost than other producers face
  4. Incorrect assumption that all other variables except those under immediate consideration are held constant
  5. Cash transfers for those who lose their jobs and actively seek employment. Last for up to 6 months usually. (more during recessions)

5 True/False questions

  1. Quality Biasan economic system based on private ownership of capital

          

  2. The Laffer CurveA graph showing total tax revenue as a function of the tax rate. Used by "supply-side" economists to support arguments for a tax cut or increase

          

  3. Diminishing Marginal Returnstax rate that applies to the next dollar of taxable income, that increases as the amount of taxable income increases

          

  4. Discount RateThe interest rate that banks pay to the Fed when banks need to borrow from the Fed. This is known as a penalty for violating the required reserve ratio

          

  5. Monetary PolicyThe use of government purchases, transfer payments, taxes and borrowing to influence economy-wide activity

          

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