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5 Written questions

5 Matching questions

  1. Disinflation
  2. Underground Economy
  3. Laissez Faire
  4. Budget Surplus
  5. Peak
  1. a an excess of tax revenue over government spending
  2. b A reduction in the rate on inflation
  3. c the height of an economic expansion, when real GDP stops rising
  4. d exchanges of goods and services that are not reported to the government and thereby escape taxation
  5. e the doctrine that government should not interfere in commercial affairs

5 Multiple choice questions

  1. Those who benefit from public spending should bear the burden of the tax that pays for that spending. Ex Gasoline taxes are spent on highway maintenance
  2. the portion of a business's profits not distributed to stockholders
  3. An automatic increase in the wages of workers or payments received to adjust for the impact of inflation
  4. A sustained rise in the price level caused by a leftward shift of the aggregate supply curve
  5. Every bank is required (by the Federal Reserve System) to keep a certain percentage of deposits as reserves in its vault or at the local Federal Reserve Branch Bank to satisfy any customer withdrawals of deposits.

5 True/False questions

  1. Anticipated InflationA sustained rise in the price level caused by a leftward shift of the aggregate supply curve


  2. Discouraged Workerworkers are overqualified for their jobs or work fewer hours than they would prefer


  3. Fractional Reserve BankingThe minimum percentage of deposits that a bank must keep as reserves


  4. Money Multiplierthe responsibility of a business's owners for losses only up to the amount they invest


  5. Command Economysystem in which one set of goods or services is exchanged for another (Requires double coincidence of wants)