Semester Test Review Question Preview (ID: 15042)


Part 1. TEACHERS: click here for quick copy question ID numbers.

Final goods and services produced in a nations total dollar value is known as _____.
a) GDP
b) Stuff
c) Price
d)

Government attempts to manage by means of taxation, spending, and borrowing in what is known as__________.
a) Fiscal Policy
b) Monetary Policy
c)
d)

Individuals actively looking for work, but are layed off are apart of a percentage known as____.
a) Unemployment Rate
b) Consumer Price Index
c)
d)

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) National Debt
b) Spillover
c) Tax
d) Proportional Tax

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
c)
d)

The total amount of money received after all deductions have been taken out is called________.
a) Take home pay
b) Gross Pay
c)
d)

The use of money in order to obtain goods or services in exchange for goods or services is_________.
a) Barter
b) Medium of Exchange
c)
d)

What does the government use to provide assistance for those with little or no income?
a) Tax dollars
b) Transfer Payments
c) Money
d)

What is it when the quantity demanded is greater than the quantity supplied?
a) Surplus
b) Shortage
c)
d)

What is it when the quantity supplied is greater than quantity demanded at the current price?
a) Suplus
b) Shortage
c)
d)

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