Practice Flashcards: GED and HiSET social studies — economics | Zestly

Question 1

Opportunity cost

Accepted Answer

The value of the next best alternative that is sacrificed when a choice is made.

Question 2

Inflation

Accepted Answer

A general increase in prices and a corresponding decline in the purchasing power of money.

Question 3

Gross Domestic Product (GDP)

Accepted Answer

The total market value of all final goods and services produced within a country in a given period.

Question 4

Price ceiling

Question 5

Tariff

Question 6

Market economy

Question 7

Command economy

Question 8

Progressive tax

Question 9

Flat tax

Question 10

Unemployment rate

Question 11

Payroll deduction

Question 12

Borrowing cost