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WorksheetsEconomics Exam 2 Vocab
Total questions: 80
Worksheet time: 3600secs
Name
Class
Date
1.
Utils
a)
a hypothetical unit of measurement often used to quantify usuability; aka "happy points"
b)
the difference between what something is worth and any loan secured by the asset
c)
the difference between what something is worth and any loan secured by the asset
d)
the difference between what something is worth and any loan secured by the asset
e)
the difference between what something is worth and any loan secured by the asset
2.
Mortgage Backed Security
a)
where individuals supply their time and efforts to firms in exchange for wages and salaries
b)
an examination of the additional benefits of an activity compared to the additional costs incurred by that same activity.
c)
as asset that is normally funded or secured by a pool of many mortgages
d)
an organized group of employees negotiating wages and other factors of employment
e)
organizations created by an individual or group of people who do not generate their revenue from public donations, but by investing a donation to further make donations to charitable causes
3.
Equity
a)
the difference between what something is worth and any loan secured by the asset
b)
where individuals supply their time and efforts to firms in exchange for wages and salaries
c)
a maximum cost that can be legally charged for a good or service
d)
a maximum cost that can be legally charged for a good or service
e)
a maximum cost that can be legally charged for a good or service
4.
Price Control
a)
organizations created by an individual or group of people who do not generate their revenue from public donations, but by investing a donation to further make donations to charitable causes
b)
financing of a project or venture by raising monetary contributions from a large number of people, typically via the internet
c)
when a government puts a limit on the maximum or minimum cost of an item
d)
regulations that provide incentives so that private decision makers will choose to solve certain problems on their own
e)
a long-term economic state characterized by unemployment and low prices and low levels of trade and investment
5.
Exchange Rates
a)
the amount of any deposit that does not have to be held aside and may be used to make loans and buy investments
b)
a measurement of the value of one nation's currency relative to the currency of other nations
c)
the practice of charging a very low payment for a product with the intent of driving competitors out of business or out of a market
d)
assets consisting of cash, accounts receivable, ownership interests, loans, and/or bonds that can be traded
e)
assets consisting of cash, accounts receivable, ownership interests, loans, and/or bonds that can be traded
6.
Accounts Receivable
a)
regulations that provide incentives so that private decision makers will choose to solve certain problems on their own
b)
the network of savers, investors, and financial institutions working together to transfer savings for investment uses
c)
the value of a country's total exports subtracted by the country's total imports.
d)
an asset consisting of amounts to be received in the future due to the sale of goods or services
e)
a range of incomes that are calculated at a given rate for the purpose of governmental fee assessments
7.
Private Foundations
a)
takes place when people cannot be prevented from using a good/service even if they did not pay for it
b)
organizations created by an individual or group of people who do not generate their revenue from public donations, but by investing a donation to further make donations to charitable causes
c)
a hypothetical unit of measurement often used to quantify usuability; aka "happy points"
d)
a shared product or service for which it would be inefficient or impractical to either make consumers pay individually or to exclude those who do not pay
e)
a shared product or service for which it would be inefficient or impractical to either make consumers pay individually or to exclude those who do not pay
8.
Reserve Requirements
a)
used to analyze the strategic choices made by competitors in a conflict situation; like the decisions made by firms in an oligopoly
b)
used to analyze the strategic choices made by competitors in a conflict situation; like the decisions made by firms in an oligopoly
c)
when one persons benefits from a certain good or service there is no reduction in the benefit available to others
d)
factors of production that are used to make goods or services and aren't themselves in the process
e)
regulations set by the Fed requiring banks to keep a certain percentage of their deposits as cash in their own vaults or as deposits in their district bank.
9.
Fixed Costs
a)
a sum of money lent or invested on which interest is paid
b)
basic operating expenses of a business that cannot be avoided and do not change with production volume
c)
an organized group of employees negotiating wages and other factors of employment
d)
a hypothetical unit of measurement often used to quantify usuability; aka "happy points"
e)
the central bank of the US (aka banker's banks); crucial to the money supply; they clear interbank payments, regulate the bank system, assist banks, & manage exchange rates
10.
Financial Instruments
a)
assets consisting of cash, accounts receivable, ownership interests, loans, and/or bonds that can be traded
b)
changes in federal taxes and purchases that are intended to achieve macroeconomic objectives
c)
an additional fee paid on expensive goods and services considered by the government to be nonessential
d)
an additional fee paid on expensive goods and services considered by the government to be nonessential
e)
an additional fee paid on expensive goods and services considered by the government to be nonessential
11.
Labor Market
a)
a benefit or cost that is spills over to a third party as a result of an economic transaction, although this third party is not directly part of it
b)
monies transferred from the developed world to economically less developed countries, including concessional loans & grants
c)
where individuals supply their time and efforts to firms in exchange for wages and salaries
d)
a place for deposit of funds for medium of savings or collective investments: bank, trust company, insurance company, credit union, building and loan association, & savings and loan association
e)
when an entity prices a good or service for slightly above value because a tariff was paid on it
12.
Price Floor
a)
a legal minimum on the amount at which a good or service can be sold
b)
a single entity controls the entire process of a product, from the raw materials to distribution
c)
an organization of employees that is formed to promote the welfare of its members
d)
when the seller raises the cost of an item above what it's value is worth, usually in an unethical amount
e)
when the seller raises the cost of an item above what it's value is worth, usually in an unethical amount
13.
Variable Costs
a)
when an entity prices a good or service for slightly above value because a tariff was paid on it
b)
government plans that are used to achieve economic or social growth by control, laws, or other governmental instruments
c)
expenses that change depending on a company's production volume
d)
a legal minimum on the amount at which a good or service can be sold
e)
a debt investment in which an investor loans money to an entity which borrows the funds for a period of time at a variable or fixed interest rate
14.
Excess Reserves
a)
the percentage the Fed charges for loans to commercial banks
b)
the amount of any deposit that does not have to be held aside and may be used to make loans and buy investments
c)
a market in which control over the supply of a commodity is in the hands of a small number of producers and each one can influence prices and affect competitors
d)
this is the lowest rate of pay permitted by law or by a special agreement
e)
this is the lowest rate of pay permitted by law or by a special agreement
15.
Cartel
a)
when one persons benefits from a certain good or service there is no reduction in the benefit available to others
b)
when firms compete with each other on the basis of methods other than price; occurs in oligopoly and monopolistic competition
c)
conversations between workers and employers over rates of pay
d)
a formal organization of producers that agree to coordinate prices and production
e)
a formal organization of producers that agree to coordinate prices and production
16.
Oligopoly
a)
a measurement of the value of one nation's currency relative to the currency of other nations
b)
a market in which control over the supply of a commodity is in the hands of a small number of producers and each one can influence prices and affect competitors
c)
failure to pay back a loan
d)
an amount of money the insured has to pay before the insurance provider will pay for a claim
e)
a hypothetical unit of measurement often used to quantify usuability; aka "happy points"
17.
Foreign Aid
a)
the average number of times each dollar in the money supply is used to purchase goods and services included in GDP
b)
the average number of times each dollar in the money supply is used to purchase goods and services included in GDP
c)
the average number of times each dollar in the money supply is used to purchase goods and services included in GDP
d)
the average number of times each dollar in the money supply is used to purchase goods and services included in GDP
e)
monies transferred from the developed world to economically less developed countries, including concessional loans & grants
18.
Mortgage
a)
a form of government regulation in which the nation's money supply and interest rates are controlled in order to affect the speed of the economy
b)
secret or illegal cooperation or conspiracy, especially in order to cheat or deceive others
c)
a legal agreement by which a bank or other creditor lends money at interest in exchange for taking title of the debtor's property
d)
failure to pay back a loan
e)
an organized group of employees negotiating wages and other factors of employment
19.
Default
a)
basic operating expenses of a business that cannot be avoided and do not change with production volume
b)
failure to pay back a loan
c)
this is the lowest rate of pay permitted by law or by a special agreement
d)
a measurement of the value of one nation's currency relative to the currency of other nations
e)
a measurement of the value of one nation's currency relative to the currency of other nations
20.
Externality
a)
a debt investment in which an investor loans money to an entity which borrows the funds for a period of time at a variable or fixed interest rate
b)
conversations between workers and employers over rates of pay
c)
when the percentage change in quantity offered is greater than percentage change in price
d)
a benefit or cost that is spills over to a third party as a result of an economic transaction, although this third party is not directly part of it
e)
all transactions between the residents of a country and the residents of all other countries
21.
Non-Rivalry
a)
monies transferred from the developed world to economically less developed countries, including concessional loans & grants
b)
when one persons benefits from a certain good or service there is no reduction in the benefit available to others
c)
financing of a project or venture by raising monetary contributions from a large number of people, typically via the internet
d)
financial instruments that can be converted into cash quickly; includes cash, market instruments, and government bonds
e)
changes in federal taxes and purchases that are intended to achieve macroeconomic objectives
22.
Financial System
a)
a formal organization of producers that agree to coordinate prices and production
b)
a formal organization of producers that agree to coordinate prices and production
c)
a formal organization of producers that agree to coordinate prices and production
d)
used to analyze the strategic choices made by competitors in a conflict situation; like the decisions made by firms in an oligopoly
e)
the network of savers, investors, and financial institutions working together to transfer savings for investment uses
23.
Discount Rate
a)
financial assistance, provided by the government, paid to farmers to supplement their income & manage the supply of home grown goods
b)
takes place when people cannot be prevented from using a good/service even if they did not pay for it
c)
the percentage the Fed charges for loans to commercial banks
d)
an industry with a single firm that produces a product for which there are no close substitutes and in which significant barriers to entry prevent other firms from entering the industry to compete for profits
e)
when quantity offered is unaffected by any change in price
24.
Flat Tax
a)
a tax system in which all people pay the same percentage of their income
b)
financial assistance, provided by the government, paid to farmers to supplement their income & manage the supply of home grown goods
c)
an examination of the additional benefits of an activity compared to the additional costs incurred by that same activity.
d)
exchanging goods and services between countries
e)
exchanging goods and services between countries
25.
Agricultural Subsidy
a)
when quantity offered is unaffected by any change in price
b)
as asset that is normally funded or secured by a pool of many mortgages
c)
financial assistance, provided by the government, paid to farmers to supplement their income & manage the supply of home grown goods
d)
when the percentage change in quantity offered is greater than percentage change in price
e)
a legal minimum on the amount at which a good or service can be sold
26.
Horizontal Integration
a)
absorption into a single firm of several firms involved in the same level of production and sharing resources at that level
b)
an amount of money the insured has to pay before the insurance provider will pay for a claim
c)
the economic understanding that as prices rise — or income decreases — consumers will replace more expensive items with less costly ones
d)
occurs when workers of the same ability are not paid the same as others because of their race, ethnicity, sex, age, religion, or characteristic
e)
an asset consisting of amounts to be received in the future due to the sale of goods or services
27.
Balance Of Payments
a)
a period of: slow economic growth, high unemployment, and rising prices
b)
governmental organization created for the purpose of stopping unjust methods in commerce
c)
an industry with a single firm that produces a product for which there are no close substitutes and in which significant barriers to entry prevent other firms from entering the industry to compete for profits
d)
all transactions between the residents of a country and the residents of all other countries
e)
an unequal distribution of assets within a society
28.
Remittance
a)
the long distance transfer of funds, usually from a buyer to a distant seller, but may include money sent back home by workers who leave their home country to work in other nations
b)
regulations set by the Fed requiring banks to keep a certain percentage of their deposits as cash in their own vaults or as deposits in their district bank.
c)
takes place when people cannot be prevented from using a good/service even if they did not pay for it
d)
this is a health care program that assists low-income families or individuals in paying for long-term medical and custodial care costs
e)
this is a health care program that assists low-income families or individuals in paying for long-term medical and custodial care costs
29.
Game Theory
a)
a place for deposit of funds for medium of savings or collective investments: bank, trust company, insurance company, credit union, building and loan association, & savings and loan association
b)
when an entity prices a good or service for slightly above value because a tariff was paid on it
c)
used to analyze the strategic choices made by competitors in a conflict situation; like the decisions made by firms in an oligopoly
d)
conversations between workers and employers over rates of pay
e)
an imbalance in international trade in which the value of imports exceeds the value of exports
30.
Principal
a)
exchanging goods and services between countries
b)
a sum of money lent or invested on which interest is paid
c)
a government payment given to individuals, organizations, or businesses designed to offset costs or to advance a specific public goal
d)
a sum of money lent or invested on which interest is paid
e)
a sum of money lent or invested on which interest is paid
31.
Non-Exclusion
a)
when people have no choice, yet are moving to another area
b)
a legal minimum on the amount at which a good or service can be sold
c)
a long-term economic state characterized by unemployment and low prices and low levels of trade and investment
d)
takes place when people cannot be prevented from using a good/service even if they did not pay for it
e)
a federal government program that is designed to provide low-cost health insurance; for Americans who are 65 or older or have certain disabilities
32.
Pure Monopoly
a)
unevenly distributed compensation among a population
b)
an industry with a single firm that produces a product for which there are no close substitutes and in which significant barriers to entry prevent other firms from entering the industry to compete for profits
c)
unevenly distributed compensation among a population
d)
regulations set by the Fed requiring banks to keep a certain percentage of their deposits as cash in their own vaults or as deposits in their district bank.
e)
a benefit or cost that is spills over to a third party as a result of an economic transaction, although this third party is not directly part of it
33.
Deductibles
a)
the percentage of workers who are out of work, yet are actively looking for a job; does not usually include those who are no longer looking
b)
the percentage of workers who are out of work, yet are actively looking for a job; does not usually include those who are no longer looking
c)
the percentage of workers who are out of work, yet are actively looking for a job; does not usually include those who are no longer looking
d)
the percentage of workers who are out of work, yet are actively looking for a job; does not usually include those who are no longer looking
e)
an amount of money the insured has to pay before the insurance provider will pay for a claim
34.
Capital
a)
a single entity controls the entire process of a product, from the raw materials to distribution
b)
an organization of employees that is formed to promote the welfare of its members
c)
factors of production that are used to make goods or services and aren't themselves in the process
d)
when quantity offered is unaffected by any change in price
e)
as asset that is normally funded or secured by a pool of many mortgages
35.
Federal Reserve
a)
the central bank of the US (aka banker's banks); crucial to the money supply; they clear interbank payments, regulate the bank system, assist banks, & manage exchange rates
b)
a responsiveness of the quantity consumers want of a good or service to a change in its price
c)
the amount of any deposit that does not have to be held aside and may be used to make loans and buy investments
d)
the amount of any deposit that does not have to be held aside and may be used to make loans and buy investments
e)
the amount of any deposit that does not have to be held aside and may be used to make loans and buy investments
36.
Public Good
a)
failure to pay back a loan
b)
the practice of charging a very low payment for a product with the intent of driving competitors out of business or out of a market
c)
a shared product or service for which it would be inefficient or impractical to either make consumers pay individually or to exclude those who do not pay
d)
the value of a country's total exports subtracted by the country's total imports.
e)
governmental organization created for the purpose of stopping unjust methods in commerce
37.
Non-Price Competition
a)
when firms compete with each other on the basis of methods other than price; occurs in oligopoly and monopolistic competition
b)
a hypothetical unit of measurement often used to quantify usuability; aka "happy points"
c)
assets consisting of cash, accounts receivable, ownership interests, loans, and/or bonds that can be traded
d)
monies transferred from the developed world to economically less developed countries, including concessional loans & grants
e)
takes place when people cannot be prevented from using a good/service even if they did not pay for it
38.
Stagflation
a)
governmental organization created for the purpose of stopping unjust methods in commerce
b)
the value of a country's total exports subtracted by the country's total imports.
c)
a period of: slow economic growth, high unemployment, and rising prices
d)
a period of: slow economic growth, high unemployment, and rising prices
e)
a legal agreement by which a bank or other creditor lends money at interest in exchange for taking title of the debtor's property
39.
Luxury Tax
a)
an examination of the additional benefits of an activity compared to the additional costs incurred by that same activity.
b)
an additional fee paid on expensive goods and services considered by the government to be nonessential
c)
regulations set by the Fed requiring banks to keep a certain percentage of their deposits as cash in their own vaults or as deposits in their district bank.
d)
a form of government regulation in which the nation's money supply and interest rates are controlled in order to affect the speed of the economy
e)
a form of government regulation in which the nation's money supply and interest rates are controlled in order to affect the speed of the economy
40.
Unemployment Rate
a)
a range of incomes that are calculated at a given rate for the purpose of governmental fee assessments
b)
a range of incomes that are calculated at a given rate for the purpose of governmental fee assessments
c)
a debt investment in which an investor loans money to an entity which borrows the funds for a period of time at a variable or fixed interest rate
d)
an unequal distribution of assets within a society
e)
the percentage of workers who are out of work, yet are actively looking for a job; does not usually include those who are no longer looking
41.
Elasticity Of Demand
a)
a market in which control over the supply of a commodity is in the hands of a small number of producers and each one can influence prices and affect competitors
b)
this is a health care program that assists low-income families or individuals in paying for long-term medical and custodial care costs
c)
a responsiveness of the quantity consumers want of a good or service to a change in its price
d)
financing of a project or venture by raising monetary contributions from a large number of people, typically via the internet
e)
unevenly distributed compensation among a population
42.
Depression
a)
a long-term economic state characterized by unemployment and low prices and low levels of trade and investment
b)
financial instruments that can be converted into cash quickly; includes cash, market instruments, and government bonds
c)
an imbalance in international trade in which the value of exports exceeds the value of imports
d)
an imbalance in international trade in which the value of exports exceeds the value of imports
e)
an imbalance in international trade in which the value of exports exceeds the value of imports
43.
Indirect Taxes
a)
an amount of money the insured has to pay before the insurance provider will pay for a claim
b)
an additional fee paid directly by the person or organization on whom it is levied
c)
when an entity prices a good or service for slightly above value because a tariff was paid on it
d)
expenses that change depending on a company's production volume
e)
a period of: slow economic growth, high unemployment, and rising prices
44.
Direct Tax
a)
an additional fee paid directly by the person or organization on whom it is levied
b)
a form of government regulation in which the nation's money supply and interest rates are controlled in order to affect the speed of the economy
c)
an asset consisting of amounts to be received in the future due to the sale of goods or services
d)
the percentage the Fed charges for loans to commercial banks
e)
the percentage the Fed charges for loans to commercial banks
45.
Collusion
a)
as asset that is normally funded or secured by a pool of many mortgages
b)
a place for deposit of funds for medium of savings or collective investments: bank, trust company, insurance company, credit union, building and loan association, & savings and loan association
c)
secret or illegal cooperation or conspiracy, especially in order to cheat or deceive others
d)
a long-term economic state characterized by unemployment and low prices and low levels of trade and investment
e)
when firms compete with each other on the basis of methods other than price; occurs in oligopoly and monopolistic competition
46.
Wealth Inequality
a)
this is the lowest rate of pay permitted by law or by a special agreement
b)
exchanging goods and services between countries
c)
an unequal distribution of assets within a society
d)
the central bank of the US (aka banker's banks); crucial to the money supply; they clear interbank payments, regulate the bank system, assist banks, & manage exchange rates
e)
a tax system in which all people pay the same percentage of their income
47.
Substitution Affect
a)
the economic understanding that as prices rise — or income decreases — consumers will replace more expensive items with less costly ones
b)
the long distance transfer of funds, usually from a buyer to a distant seller, but may include money sent back home by workers who leave their home country to work in other nations
c)
the long distance transfer of funds, usually from a buyer to a distant seller, but may include money sent back home by workers who leave their home country to work in other nations
d)
the long distance transfer of funds, usually from a buyer to a distant seller, but may include money sent back home by workers who leave their home country to work in other nations
e)
the long distance transfer of funds, usually from a buyer to a distant seller, but may include money sent back home by workers who leave their home country to work in other nations
48.
Medicade
a)
financial instruments that can be converted into cash quickly; includes cash, market instruments, and government bonds
b)
the economic understanding that as prices rise — or income decreases — consumers will replace more expensive items with less costly ones
c)
this is a health care program that assists low-income families or individuals in paying for long-term medical and custodial care costs
d)
when an entity prices a good or service for slightly above value because a tariff was paid on it
e)
government plans that are used to achieve economic or social growth by control, laws, or other governmental instruments
49.
Crowdfunding
a)
financing of a project or venture by raising monetary contributions from a large number of people, typically via the internet
b)
the central bank of the US (aka banker's banks); crucial to the money supply; they clear interbank payments, regulate the bank system, assist banks, & manage exchange rates
c)
occurs when workers of the same ability are not paid the same as others because of their race, ethnicity, sex, age, religion, or characteristic
d)
secret or illegal cooperation or conspiracy, especially in order to cheat or deceive others
e)
secret or illegal cooperation or conspiracy, especially in order to cheat or deceive others
50.
Vertical Integration
a)
government plans that are used to achieve economic or social growth by control, laws, or other governmental instruments
b)
expenses that change depending on a company's production volume
c)
a single entity controls the entire process of a product, from the raw materials to distribution
d)
when firms compete with each other on the basis of methods other than price; occurs in oligopoly and monopolistic competition
e)
when people have no choice, yet are moving to another area
51.
Bond
a)
this is a health care program that assists low-income families or individuals in paying for long-term medical and custodial care costs
b)
a debt investment in which an investor loans money to an entity which borrows the funds for a period of time at a variable or fixed interest rate
c)
changes in federal taxes and purchases that are intended to achieve macroeconomic objectives
d)
a government payment given to individuals, organizations, or businesses designed to offset costs or to advance a specific public goal
e)
a government payment given to individuals, organizations, or businesses designed to offset costs or to advance a specific public goal
52.
Net Exports
a)
an unequal distribution of assets within a society
b)
an unequal distribution of assets within a society
c)
a legal minimum on the amount at which a good or service can be sold
d)
a debt investment in which an investor loans money to an entity which borrows the funds for a period of time at a variable or fixed interest rate
e)
the value of a country's total exports subtracted by the country's total imports.
53.
Subsidy
a)
an organization of employees that is formed to promote the welfare of its members
b)
a government payment given to individuals, organizations, or businesses designed to offset costs or to advance a specific public goal
c)
the central bank of the US (aka banker's banks); crucial to the money supply; they clear interbank payments, regulate the bank system, assist banks, & manage exchange rates
d)
financial assistance, provided by the government, paid to farmers to supplement their income & manage the supply of home grown goods
e)
financial assistance, provided by the government, paid to farmers to supplement their income & manage the supply of home grown goods
54.
Wage Discrimination
a)
all transactions between the residents of a country and the residents of all other countries
b)
all transactions between the residents of a country and the residents of all other countries
c)
all transactions between the residents of a country and the residents of all other countries
d)
a range of incomes that are calculated at a given rate for the purpose of governmental fee assessments
e)
occurs when workers of the same ability are not paid the same as others because of their race, ethnicity, sex, age, religion, or characteristic
55.
Minimum Wage
a)
secret or illegal cooperation or conspiracy, especially in order to cheat or deceive others
b)
this is the lowest rate of pay permitted by law or by a special agreement
c)
financial instruments that can be converted into cash quickly; includes cash, market instruments, and government bonds
d)
a responsiveness of the quantity consumers want of a good or service to a change in its price
e)
a responsiveness of the quantity consumers want of a good or service to a change in its price
56.
Union
a)
factors of production that are used to make goods or services and aren't themselves in the process
b)
factors of production that are used to make goods or services and aren't themselves in the process
c)
an imbalance in international trade in which the value of imports exceeds the value of exports
d)
when one persons benefits from a certain good or service there is no reduction in the benefit available to others
e)
an organization of employees that is formed to promote the welfare of its members
57.
Perfectly Inelastic Supply
a)
a government payment given to individuals, organizations, or businesses designed to offset costs or to advance a specific public goal
b)
the percentage the Fed charges for loans to commercial banks
c)
when quantity offered is unaffected by any change in price
d)
a tax system in which all people pay the same percentage of their income
e)
financing of a project or venture by raising monetary contributions from a large number of people, typically via the internet
58.
Hyperinflation
a)
a very rapid rise in the price level
b)
absorption into a single firm of several firms involved in the same level of production and sharing resources at that level
c)
absorption into a single firm of several firms involved in the same level of production and sharing resources at that level
d)
absorption into a single firm of several firms involved in the same level of production and sharing resources at that level
e)
absorption into a single firm of several firms involved in the same level of production and sharing resources at that level
59.
Tax Bracket
a)
regulations set by the Fed requiring banks to keep a certain percentage of their deposits as cash in their own vaults or as deposits in their district bank.
b)
assets consisting of cash, accounts receivable, ownership interests, loans, and/or bonds that can be traded
c)
a range of incomes that are calculated at a given rate for the purpose of governmental fee assessments
d)
government plans that are used to achieve economic or social growth by control, laws, or other governmental instruments
e)
expenses that change depending on a company's production volume
60.
Predatory Pricing
a)
the practice of charging a very low payment for a product with the intent of driving competitors out of business or out of a market
b)
a benefit or cost that is spills over to a third party as a result of an economic transaction, although this third party is not directly part of it
c)
monies transferred from the developed world to economically less developed countries, including concessional loans & grants
d)
an organization of employees that is formed to promote the welfare of its members
e)
an examination of the additional benefits of an activity compared to the additional costs incurred by that same activity.
61.
Marginal Analysis
a)
expenses that change depending on a company's production volume
b)
a period of: slow economic growth, high unemployment, and rising prices
c)
organizations created by an individual or group of people who do not generate their revenue from public donations, but by investing a donation to further make donations to charitable causes
d)
an examination of the additional benefits of an activity compared to the additional costs incurred by that same activity.
e)
when one persons benefits from a certain good or service there is no reduction in the benefit available to others
62.
Trade Deficit
a)
a maximum cost that can be legally charged for a good or service
b)
an imbalance in international trade in which the value of imports exceeds the value of exports
c)
a sum of money lent or invested on which interest is paid
d)
the practice of charging a very low payment for a product with the intent of driving competitors out of business or out of a market
e)
the practice of charging a very low payment for a product with the intent of driving competitors out of business or out of a market
63.
Federal Trade Commision
a)
an imbalance in international trade in which the value of imports exceeds the value of exports
b)
a long-term economic state characterized by unemployment and low prices and low levels of trade and investment
c)
the network of savers, investors, and financial institutions working together to transfer savings for investment uses
d)
governmental organization created for the purpose of stopping unjust methods in commerce
e)
used to analyze the strategic choices made by competitors in a conflict situation; like the decisions made by firms in an oligopoly
64.
Price Ceiling
a)
occurs when workers of the same ability are not paid the same as others because of their race, ethnicity, sex, age, religion, or characteristic
b)
a maximum cost that can be legally charged for a good or service
c)
a tax system in which all people pay the same percentage of their income
d)
a single entity controls the entire process of a product, from the raw materials to distribution
e)
a single entity controls the entire process of a product, from the raw materials to distribution
65.
Velocity Of Money
a)
a federal government program that is designed to provide low-cost health insurance; for Americans who are 65 or older or have certain disabilities
b)
a federal government program that is designed to provide low-cost health insurance; for Americans who are 65 or older or have certain disabilities
c)
a federal government program that is designed to provide low-cost health insurance; for Americans who are 65 or older or have certain disabilities
d)
when a government puts a limit on the maximum or minimum cost of an item
e)
the average number of times each dollar in the money supply is used to purchase goods and services included in GDP
66.
Monetary Policy
a)
a shared product or service for which it would be inefficient or impractical to either make consumers pay individually or to exclude those who do not pay
b)
an asset consisting of amounts to be received in the future due to the sale of goods or services
c)
a form of government regulation in which the nation's money supply and interest rates are controlled in order to affect the speed of the economy
d)
organizations created by an individual or group of people who do not generate their revenue from public donations, but by investing a donation to further make donations to charitable causes
e)
an industry with a single firm that produces a product for which there are no close substitutes and in which significant barriers to entry prevent other firms from entering the industry to compete for profits
67.
Wage Negotiation
a)
conversations between workers and employers over rates of pay
b)
a shared product or service for which it would be inefficient or impractical to either make consumers pay individually or to exclude those who do not pay
c)
basic operating expenses of a business that cannot be avoided and do not change with production volume
d)
basic operating expenses of a business that cannot be avoided and do not change with production volume
e)
basic operating expenses of a business that cannot be avoided and do not change with production volume
68.
Regulatory Policies
a)
an industry with a single firm that produces a product for which there are no close substitutes and in which significant barriers to entry prevent other firms from entering the industry to compete for profits
b)
when quantity offered is unaffected by any change in price
c)
government plans that are used to achieve economic or social growth by control, laws, or other governmental instruments
d)
the network of savers, investors, and financial institutions working together to transfer savings for investment uses
e)
conversations between workers and employers over rates of pay
69.
Trade Surplus
a)
an additional fee paid on expensive goods and services considered by the government to be nonessential
b)
an imbalance in international trade in which the value of exports exceeds the value of imports
c)
a measurement of the value of one nation's currency relative to the currency of other nations
d)
an additional fee paid directly by the person or organization on whom it is levied
e)
an additional fee paid directly by the person or organization on whom it is levied
70.
Medicare
a)
the network of savers, investors, and financial institutions working together to transfer savings for investment uses
b)
when the percentage change in quantity offered is greater than percentage change in price
c)
regulations that provide incentives so that private decision makers will choose to solve certain problems on their own
d)
a federal government program that is designed to provide low-cost health insurance; for Americans who are 65 or older or have certain disabilities
e)
when a government puts a limit on the maximum or minimum cost of an item
71.
Collective Bargaining
a)
when the seller raises the cost of an item above what it's value is worth, usually in an unethical amount
b)
an organized group of employees negotiating wages and other factors of employment
c)
a benefit or cost that is spills over to a third party as a result of an economic transaction, although this third party is not directly part of it
d)
a market in which control over the supply of a commodity is in the hands of a small number of producers and each one can influence prices and affect competitors
e)
a market in which control over the supply of a commodity is in the hands of a small number of producers and each one can influence prices and affect competitors
72.
Liquid Assets
a)
a legal agreement by which a bank or other creditor lends money at interest in exchange for taking title of the debtor's property
b)
a legal agreement by which a bank or other creditor lends money at interest in exchange for taking title of the debtor's property
c)
when firms compete with each other on the basis of methods other than price; occurs in oligopoly and monopolistic competition
d)
when people have no choice, yet are moving to another area
e)
financial instruments that can be converted into cash quickly; includes cash, market instruments, and government bonds
73.
Price Gouging
a)
an organized group of employees negotiating wages and other factors of employment
b)
a tax system in which all people pay the same percentage of their income
c)
when the seller raises the cost of an item above what it's value is worth, usually in an unethical amount
d)
an imbalance in international trade in which the value of imports exceeds the value of exports
e)
when the percentage change in quantity offered is greater than percentage change in price
74.
Income Inequality
a)
an imbalance in international trade in which the value of exports exceeds the value of imports
b)
unevenly distributed compensation among a population
c)
an additional fee paid directly by the person or organization on whom it is levied
d)
the economic understanding that as prices rise — or income decreases — consumers will replace more expensive items with less costly ones
e)
the economic understanding that as prices rise — or income decreases — consumers will replace more expensive items with less costly ones
75.
Fiscal Policy
a)
the value of a country's total exports subtracted by the country's total imports.
b)
regulations that provide incentives so that private decision makers will choose to solve certain problems on their own
c)
governmental organization created for the purpose of stopping unjust methods in commerce
d)
changes in federal taxes and purchases that are intended to achieve macroeconomic objectives
e)
factors of production that are used to make goods or services and aren't themselves in the process
76.
Forced Migration
a)
an asset consisting of amounts to be received in the future due to the sale of goods or services
b)
when people have no choice, yet are moving to another area
c)
an amount of money the insured has to pay before the insurance provider will pay for a claim
d)
where individuals supply their time and efforts to firms in exchange for wages and salaries
e)
where individuals supply their time and efforts to firms in exchange for wages and salaries
77.
Market Based Policies
a)
when a government puts a limit on the maximum or minimum cost of an item
b)
when a government puts a limit on the maximum or minimum cost of an item
c)
when people have no choice, yet are moving to another area
d)
a legal agreement by which a bank or other creditor lends money at interest in exchange for taking title of the debtor's property
e)
regulations that provide incentives so that private decision makers will choose to solve certain problems on their own
78.
International Trade
a)
a responsiveness of the quantity consumers want of a good or service to a change in its price
b)
when the seller raises the cost of an item above what it's value is worth, usually in an unethical amount
c)
exchanging goods and services between countries
d)
unevenly distributed compensation among a population
e)
failure to pay back a loan
79.
Relatively Elastic Supply
a)
when the percentage change in quantity offered is greater than percentage change in price
b)
a very rapid rise in the price level
c)
a very rapid rise in the price level
d)
a very rapid rise in the price level
e)
a very rapid rise in the price level
80.
Financial Institution
a)
changes in federal taxes and purchases that are intended to achieve macroeconomic objectives
b)
occurs when workers of the same ability are not paid the same as others because of their race, ethnicity, sex, age, religion, or characteristic
c)
a place for deposit of funds for medium of savings or collective investments: bank, trust company, insurance company, credit union, building and loan association, & savings and loan association
d)
as asset that is normally funded or secured by a pool of many mortgages
e)
a place for deposit of funds for medium of savings or collective investments: bank, trust company, insurance company, credit union, building and loan association, & savings and loan association
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