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5 Written questions

5 Matching questions

  1. Budget Surplus
  2. Discouraged Worker
  3. Commodity Money
  4. Expansion
  5. Rational Economic Behavior
  1. a an excess of tax revenue over government spending
  2. b a person who wants a job but has given up looking
  3. c Items that are used as money but which also have value in other uses
  4. d The assumption that people act in a rational way and they want more at cheaper prices and less at higher. To act rationally is to act one way, to think rationally is to think logically. The assumption that humans make the best use of their resources
  5. e A phase of economic activity during which the economy's output increases

5 Multiple choice questions

  1. The time it takes for the enacted policy to actually have an effect on the economy
  2. Graph showing an inverse (negative) relationship between the unemployment rate and the inflation rate
  3. book that introduced Keynesian economics
  4. Cash transfers for those who lose their jobs and actively seek employment. Last for up to 6 months usually. (more during recessions)
  5. ratio of changes in consumption relative to changes in disposable income

5 True/False questions

  1. Substitution Biasgoods purchase by households for immediate satisfaction or to use up (ex. food, movies)


  2. Dividendsprofits distributed to stockholders on a per-share basis


  3. Federal Deposit Insurance Corporation (FDIC)A sustained rise in the price level caused by a rightward shift of the aggregate demand curve


  4. Employment Act of 1946law that assigned to the federal government the responsibility for promoting full employment and price stability


  5. Ceteris Paribus FallacyRegulation of money supply to influence economy-wide activity