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Economics Unit 8 Test Questions and Answers – Latest 2024/2025 Edition | Verified Correct Answers

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This document provides the newest 2024/2025 updated test questions and verified answers for Economics Unit 8, covering major macroeconomic and microeconomic principles. Topics include fiscal and monetary policy, international trade, economic growth, inflation, unemployment, and market equilibrium. Perfect for high school, college, or AP Economics students seeking to review key concepts, practice exam-style questions, and ensure full understanding of Unit 8 content.

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Institution: Cambridge College
Course: ECONOMICS

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Uploaded on: July 18, 2024
Number of pages: 11
Written in: 2023/2024
Type: Exam (elaborations)
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Economics Unit 8 Test Questions with
Correct Answers, Newest 2024/2025

Form of business organization recognized by law as a separate legal entity with
all the rights and responsibilities of an individual - ANS ✔corporation

Payment made for the use of borrowed money - ANS ✔interest

something of value that a lender can claim if a loan is not repaid - ANS
✔collateral

Unincorporated business owned and operated by two or more people - ANS
✔partnership

Persons or institutions to whom money is owed - ANS ✔creditors

Money borrowed that is guaranteed only by a promise to repay it - ANS
✔unsecured load

, Unincorporated business owned and run by a single person - ANS ✔sole
proprietorship

Money borrowed that is backed up with something of value in case the
borrower can't pay it back - ANS ✔secured loan

Monthly, quarterly, semiannual, or annual price paid for an insurance policy -
ANS ✔premium

Person who owns a share or shares of stock in a corporation - ANS
✔stockholder

An agreement to buy or sell at a specific date in the future at a predetermined
price - ANS ✔futures contract

stocks that represent ownership shares in corporations - ANS ✔equities

formal contract to repay borrowed money and interest on the borrowed money
at regular future intervals - ANS ✔bond

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