INSTRUCTIONS: Choose the Word or Phrase in [ ] Which

question 6

Multiple Choice

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. Select
-It is most important to balance your budget over a [monthly | yearly] period.

• A)for the first item
• B)for the second item
• C)if neither item will correctly complete the statement.

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Definitions:

Supply

The total amount of a specific good or service available for purchase at any given price level, influenced by costs, technological innovations, and other factors.

Deadweight Loss

A loss of economic efficiency that can occur when equilibrium for a good or service is not achieved or is not achievable.

Tax

Mandatory financial charge or some other type of levy imposed upon a taxpayer by a governmental organization.

Tax Cuts

Reductions in the amount of taxes that individuals or corporations are required to pay to the government.