Economics Final Exam

A recession that is especially long and severe is known as a 

The struggle among producers for the dollars of the consumers

A prolonged economic contraction has gripped a country's economy.  This country is in a 

Sales tax is an example of which type of tax?

A general increase in prices is known as

Human made goods that are used to produce other goods and services

The United States Federal Income Tax is an example of which type of tax?

In extreme cases, hyperinflation can lead to

The amounts you can exclude from your income on your tax form for various expenses

Actions or activities one person provides to another

The United States is an example of which type of economy?

Using fewer resources than an economy is capable of using is known as

The doctrine that states that the government should not intervene in the marketplace.

A yearly fee charged for having a credit card

Cyclical unemployment occurs when

Booklet used to record checking account information

Using resources in such a way as to maximize the production of goods and services

Equal responsibility and liability are qualities of a 

On a production possibilities curve, points along the line are considered to be

A steady long term increase in real GDP is known as 

Land, labor and capital are factors of

Corporations and the government often issue bonds as a way of

Events that show expansion or contraction in the economy

If movement on the demand curve goes down toward the right

If an economy is operating efficiently, the production possibilities curve is presented as a

Which of these is not an entitlement program?

When calculating the unemployment rate you must account for

The cost of borrowing money is known as

In microeconomics, economists study the economic behavior of 

A school bus driver has little to no work during the summer.  This is known as

To an economist, ___________ is an alternative given up as the result of a decision

The skills and knowledge a worker gains through education and experience.

Taking payments out of an employees's paycheck before he or she receives it

A 1040 form is used to

A person who combines land, labor and capital to create and market new goods or services

Frictional unemployment occurs when

Moving debt from one credit card to another is known as

A deposit or increase in funds in an account

Which of these is not a cause of inflation?

Mandatory spending by the federal government includes

Postponement of student loan payments in which no additional interest is charged

The poverty rate is best described as 

The point in the business cycle that exceeds the previous peak is

When workers skills do not match the jobs available it is known as

Government issued coupons that recipients exchange for food.

A means-tested program has

On a demand curve, when prices increase, quantity demanded