Unit 1
Unit 2
Unit 3
Unit 4
All of the Above
100
This man is the founder of modern day economics
Who is Adam Smith.
100
The willingness and ability of consumers to consume
What is demand
100
Identify the three different tax structures
What is progressive, regressive, and proportional
100
Investments like savings accounts, Certificates of Deposit, and Govt. Bonds would be considered these types of investments
What is safe investments
100
The willingness and ability of producers to produce
What is supply
200
Puzzles that can be solved through economic analysis are called this.
What is enigmas
200
The corn market would be an example of this market structure.
What is perfect competition
200
The item that is being taxed is referred to as this
What is the tax base
200
Monthly calculations of one's income and expenses is known as a _________
What is a budget
200
The total output of a country in terms of market value
What is Gross Domestic Product (GDP)
300
This is what you give up when you make a decision.
What is opportunity cost
300
Fast food restaurants would be an example of this business organization.
What is a business franchise
300
This group conducts tax audits
What is the Internal Revenue Service (IRS)
300
A loan approved for the purchase of real estate is known as a ________ and typically lasts for _______ years.
What is a mortgage and 30 years
300
The rise in prices of goods and services
What is inflation
400
Getting an allowance for maintaining good grades would be an example of this.
What is a positive incentive
400
When the supply curve shifts to the right, this happens to the equilibrium price
What is the equilibrium price decreases
400
When government spends more than it takes in in taxes in a single year
What is a federal deficit
400
Free allotments of funds for college tuition by the federal government and based on financial need or known as this
What are grants
400
When a country exports more than it imports it is known as this.
What is a trade surplus
500
Law which states, "The more you consume of something the less satisfying it becomes."
What is the law of diminishing marginal utility
500
Street lights, parks, and libraries are examples of these type of goods
What are public goods
500
Central bank policy aimed at regulation the amount of money in circulation
What is monetary policy
500
Financial advisors will suggest that this ratio is close to or below 36%
What is the debt-to-income ratio
500
The group that controls monetary policy
What is the Federal Reserve
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