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Economic Measurement
Money and Taxes
100
An individual decides to pay $8 to see a movie instead of buying an $8 meal. What is the opportunity cost of the movie?
The satisfaction missed by not seeing the movie.
100
Aggregate supply and demand is described as what?
The total number of each.
100
Layoffs are a characteristic in which two types of unemployment?
Cyclical and Structural
100
If people suddenly take a liking chocolate ice cream and it sends the price skyrocketing, what type of inflation would it describe?
Demand Pull
100
The Fed, Easy money policy, Tight money policy… These are all parts of what?
Monetary Policy
200
Giving people a fair chance to succeed is most associated with what type of economic system?
Free Market or Capitalism
200
What will happen to the supply if the price of the good is high?
The amount supplied will be high.
200
If someone has completely given up their search for a job they would be described as what?
A discouraged worker.
200
This is when Inflation is going out of control.
Hyperinflation
200
What tax method describes personal income tax?
Progressive tax
300
What term describes what a person is giving up to do something else?
Opportunity Cost
300
If the amount of production of a good does not change with the price it would be described as being what?
Inelastic
300
Additional training in new skill areas would benefit people in what type of unemployment?
Structural
300
This is the government report that measures inflation.
CPI
300
Taxes, government spending, the budget… This describes what?
Fiscal Policy
400
What are the four different parts of the circular flow chart?
Factor market, Product market, Households
400
This is when people must pay more money for things or suffer from situations that they have no control over.
Negative Externalities
400
Layoffs are a characteristic in which two types of unemployment?
Cyclical and Structural
400
How would you describe GDP, unemployment and capital in a contracting economy?
Low GDP, high unemployment, and less capital.
400
If the government wanted to help the economy what actions would they take with taxes and spending?
Decrease, Increase
500
In what type of system does the government own the means of production?
Command
500
If new resources are discovered to produce a good what will happen to the supply curve?
A right shift
500
What are the three types of unemployment?
Frictional, Cyclical, and Structural
500
What type of products does GDP include?
New Finished Products
500
How are public goods paid for?
Taxes
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