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Semester Test Review
Test Description: Part 1
Instructions: Answer all questions to get your test result.
1) Final goods and services produced in a nations total dollar value is known as _____.
A
Price
B
GDP
C
Stuff
2) Government attempts to manage by means of taxation, spending, and borrowing in what is known as__________.
A
Monetary Policy
B
Fiscal Policy
3) Individuals actively looking for work, but are layed off are apart of a percentage known as____.
A
Unemployment Rate
B
Consumer Price Index
4) It is a debt that occurs when the federal government spends more money that it has collected in tax revenues, what is it called?
A
Proportional Tax
B
National Debt
C
Tax
D
Spillover
5) Market situation in which a single supplier makes up an entire industry for a good or service with no close substitutes is known as _____________.
A
Oligopoly
B
Monopoly
6) The total amount of money received after all deductions have been taken out is called________.
A
Take home pay
B
Gross Pay
7) The use of money in order to obtain goods or services in exchange for goods or services is_________.
A
Barter
B
Medium of Exchange
8) What does the government use to provide assistance for those with little or no income?
A
Tax dollars
B
Transfer Payments
C
Money
9) What is it when the quantity demanded is greater than the quantity supplied?
A
Surplus
B
Shortage
10) What is it when the quantity supplied is greater than quantity demanded at the current price?
A
Shortage
B
Suplus
*select an answer for all questions
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