Economic Concepts

What is the equation that is used to calculate GDP?

A monopoly where competition is impratical or inconvenient is called

Nominal GDP

This is the type of tax that takes the same amount for all income levels.

______ inflation occurs when the price of resources increase the price.

This term describes a city's transportation system

Money that is invested in entrepreneurial enterprises is called _____ capital.

What type of economy does the United States have?

Policy used by the Federal Government to help the economy

Which type of unemployment is a totally normal part of the economy?

Which of the following is an example of a negative externality?

Which of the following is the worst type of unemployment?