.png){kind=logo}
PDF Download
FREE ECONOMICS AND STUDY GAMES ABOUT CH 3 ECON
TEST STUDY
Actual Qs and Ans Expert-Verified Explanation
This Exam contains:
-Guarantee passing score -15 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation
Question 1: in kind benefits
Answer:
goods or services provided for free or at greatly reduced prices
Question 2: poverty threshold
Answer:
income level below that which is needed to support families or houselholds.
Question 3: externality
Answer:
An economic side effect that generates benefits or costs. They can be positive or negative.
Question 4: interest group
Answer:
a private organization that tries to persuade public officials to act or vote according to group members interests
Question 5: cash transfers
Answer:
direct payments of money to eligible poor people.
Question 6: welfare
Answer:
goverment aid to the poor
Question 7: Macroeconomics
Answer:
The study of the economic behavior and decision making of of entire economies. GDP is a macroeconomic concept.
Question 8: safety net
Answer:
government programs that protect people experiencing unfavorable economic conditions.
Question 9: Microeconomics
Answer:
The study of the economic behavior and decision making of small units, such as individuals, households and businesses
Question 10: public interest
Answer:
the concerns of the public as a whole
Question 11: public disclosure laws
Answer:
laws requiring companies to give consumers important information about their product.
Question 12: market failure
Answer:
A situation in which the market does not distribute resources efficiently
Question 13: business cycle
Answer:
a period of macroeconomic expansion followed by a period of contraction
Question 14: free rider
Answer:
someone who would not choose to pay for a certain good or service, but who would get the benefits anyway if it were provided as a public good.
Question 15: legal equality
Answer:
the concept of giving everyone the same legal rights.
.png)