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In economics, what is a payment from the government that lowers a producer’s cost called?
Answer
Subsidy
In economics, what is the value of one currency expressed in another currency called?
Answer
Exchange rate
In economics, what is a general decline in the prices of goods and services called?
Answer
Deflation
In economics, what kind of good is non-excludable and non-rivalrous?
Answer
Public good
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In economics, what is a tax on imported goods called?
Answer
Tariff
In economics, what kind of good is non-excludable and non-rivalrous?
Answer
Public good
In economics, what is a cost imposed on an uninvolved third party called?
Answer
Negative externality
In economics, what is the benefit a consumer receives above the price they pay called?
Answer
Consumer surplus
What type of unemployment results from workers moving between jobs or entering the labor market?
Answer
Frictional unemployment
In economics, what market outcome occurs when quantity supplied equals quantity demanded?
Answer
Market equilibrium