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Economics Final Test

Enter the letter for the matching Answer
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1.
Need
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2.
Federal Tax Return Form
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3.
Disadvantages of market economies:
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4.
Which statistic measures the total size of an economy?
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5.
Frictional
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6.
Good
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7.
Productivity
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8.
Representative
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9.
Land
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10.
What is government money given as incentives to businesses called?
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11.
Economic Growth
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12.
Specialization
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13.
Oligopoly
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14.
What 2 categories of people with major financial needs are not calculated in the unemployment rate?
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15.
Traditional Economy
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16.
What is money given by businesses and households in exchange for public goods?
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17.
Labor
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18.
human capital
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19.
Inflation
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20.
New employer tax withholding form
A.
sum of peoples' skills, abilities, health, and motivation
B.
increase in a nation's total output of goods and services over time
C.
GDP
D.
measure of the amount of output produced with a given amount of productive factors; normally refers to labor, but can apply to all factors or production
E.
people with all their abilities and efforts; one of the four factors of production, does not include the entrepreneur
F.
the underemployed and discouraged workers (those who have stopped looking for a job)
G.
basic requirement for survival; includes food, clothing, and/or shelter
H.
W-4
I.
The use of scarce resources stems from ritual, habit, or custom. Economic decisions are made by ancestors or elders.
J.
a persistent, substantial rise in the general level of prices related to an increase in the volume of money and resulting in the loss of value of currency
K.
Subsidies
L.
Taxes
M.
natural resources or "gifts of nature" not created by human effort; one of four factors of production
N.
Kind of money where a paper note can be exchanged at a financial institution for pre-determined amount of valuable goods (i.e. gold, etc...)
O.
Type of unemployment where people are temporarily unemployed or between jobs
P.
division of work into a number of separate tasks to be preformed by different workers
Q.
Market structure in which a few very large sellers dominate an industry.
R.
Tangible economic product that is useful, relatively scarce, transferable to others; used to satisfy wants and needs
S.
rewards only productive resources (not the young, old, or sick); does not produce public goods; workers and businesses face uncertainty from competition or change
T.
1099
Type the Answer that corresponds to the displayed Question.
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21.
Example of Progressive Tax
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22.
Example of Regressive Tax
Type the Question that corresponds to the displayed Answer.
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23.
The use of scarce resources is determined by a central authority. Economic decisions are made by the government.
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24.
Market structure with only one seller of a particular product.
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25.
apparent contradiction between the high value of a nonessential item and the low value of an essential item
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26.
productive resources that make up the four categories of land, capital, labor, and entrepreneurship
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27.
tools, equipment, and factories used in the production of goods and services; one of four factors of production
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28.
worth of a good or service as determined by the market
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29.
imposes a higher percentage rate of taxation on higher incomes than lower incomes
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30.
the loss of the next best alternative use of money, time, or resources when one choice is made rather than another

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