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5 Written questions

5 Matching questions

  1. Cost Push Inflation
  2. Socialism
  3. Wealth of Nations
  4. GDP Gap
  5. Budget Deficit
  1. a This is the 18th century book written by Scottish economist Adam Smith in which he spells out the first modern account of free market economies.
  2. b A sustained rise in the price level caused by a leftward shift of the aggregate supply curve
  3. c A system in which society, usually in the form of the government, owns and controls the means of production.
  4. d a shortfall of tax revenue from government spending
  5. e measures loss in output due to cyclical unemployment

5 Multiple choice questions

  1. an excess of tax revenue over government spending
  2. A firm with multiple owners who share the firm's profits and bear unlimited liability for the firm's debts
  3. Unemployment that occurs because job-seekers and employers need time to find each other
  4. a tax for which the percentage of income paid in taxes remains the same for all income levels
  5. Government policies that focus on stimulating aggregate supply rather than aggregate demand; Tax cuts aimed at influencing businesses to produce more and laborers to work more

5 True/False questions

  1. Required Reserve Ratioa tax for which the percentage of income paid in taxes decreases as income increases

          

  2. Phases of the business cycleTo produce each additional increment of a good, a successively larger increment of an alternative good must be sacrificed if the economy's resources are already being used efficiently

          

  3. RecessionA sustained decrease in the price level

          

  4. Horizontal EquityThe use of government purchases, transfer payments, taxes and borrowing to influence economy-wide activity

          

  5. Natural Rate of UnemploymentUnemployment that occurs because job-seekers and employers need time to find each other