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CSET Economics

Subjects : cset, economics
  • Answer 30 questions in 15 minutes.
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  • Match each statement with the correct term.
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This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. Has to do with its ability to command goods & services. Measuring changes in the value of the dollar is a key economic concept.

2. Is the monetary return or other material benefits from currently produced goods & services.

3. Has created problems in providing essential public services such as police and fire protection and sewage disposal.

4. Provide a method to analyze the goods & services in a society.

5. People have simply demanded more of government.

6. Since ther are not enough resources to satisfy all wants - there is a conflict between unlimited wants & limited resources. Societal choice: what to produce - how to produce - & for whom to produce.

7. Of government activity comes from its spending - taxing - and public debt policies.

8. Are the cornerstone of the US tax system.

9. Organized to fulfill basic social needs

10. Has created problems in labor - management relations that government seems to be able to handle best.

11. How to allocate resources among competing & alternative uses. How to distribute goods & services among the population. How to provide economic stability & security. How to provide continued economic growth.

12. Is a theory that bases taxation in accordance with the benefits received by the taxpayer; hunting & fishing fees are examples.

13. Of property is fundamental to a capitalistic society.

14. Areas of the world have shown limited economic growth.

15. Is a measurement of assets on hand at a given point in time.

16. Consumption: characterized by freedom of consumer choice. Production: characterized by freedom of enterprise. Financial: composed of all banking & financial institutions. Government: performs task of stabilizing the economy through monetary & fiscal

17. ...see following cards.

18. Is a source wealth & income & involves the inflow & outflow of goods and services. The economic growth of the US is measured by the Gross National Product (GNP) - which is the value of all goods & services produced in a particular year.

19. The quality of land - labor - & capital are key factors that determine economic growth. Less - developed countries usually have high population densities. Low incomes retard economies by restricting the opportunity to consume goods.

20. Commitments & military expenditures have had lasting effects on the role of government in the economy.

21. In the economy include direct controls over the economy - ownership of production (for example - Hoover Dam) - and welfare expenditures.

22. Direct - indirect - proportional - progressive - and regressive. Federal personal & corporate taxes are progressive. Most state and local taxes are proportional. Nearly all excise - sales - and property taxes are regressive.

23. Transmit the ideals & values of society.

24. Is a theory that bases taxation in accordance with income and wealth position.

25. Provides a means of analyzing the economy.

26. And influence in our economy has steadily grown throughout history.

27. A competitive - free - market - free - price system is necessary for capitalism to function efficiently.

28. Fulfills primary & basic needs.

29. Of the world's population is economically deprived.

30. Based on concepts of modern capitalism.