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5 Written questions

5 Matching questions

  1. Capital Goods
  2. Underground Economy
  3. Frictional Unemployment
  4. Fiscal Policy
  5. Underemployed Worker
  1. a exchanges of goods and services that are not reported to the government and thereby escape taxation
  2. b workers are overqualified for their jobs or work fewer hours than they would prefer
  3. c The use of government purchases, transfer payments, taxes and borrowing to influence economy-wide activity
  4. d buildings, machinery, tools, and other goods that provide productive services over a period of time.
  5. e Unemployment that occurs because job-seekers and employers need time to find each other

5 Multiple choice questions

  1. The amount by which the value of an asset falls in a given period
  2. People with equal incomes should pay approximately equal taxes. The problem with this is that people may have unequal deductions
  3. Regulation of money supply to influence economy-wide activity
  4. Budget philosophy prior to the great depression; aimed at matching annual revenues with costs except during times of war
  5. Taxed as corporate profits and again as dividends

5 True/False questions

  1. Philip's Curvea situation in which the government's spending is exactly equal to the total taxes and other revenues it collects during a given period of time


  2. Wealth of NationsA contraction of a nation's output accompanied by an inflation in the price level


  3. GDP Gapmeasures loss in output due to cyclical unemployment


  4. Comparative AdvantageThe ability to produce something at a lower opportunity cost than other producers face


  5. Budget Deficita shortfall of tax revenue from government spending