Economics Test Review

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Across
  1. 1. When tax revenue exceeds expenses you have a _______ surplus.
  2. 3. "Survival of the Fittest" economic system
  3. 8. Largest USA trade imbalance
  4. 10. Economic resources also known as the factors of
  5. 12. Period in which demand begins decreasing
  6. 14. When the amount a country imports is more than it exports you have a trade _________.
  7. 15. The US gets revenue from _________ taxes
  8. 16. The starting age for the labor force
  9. 18. Rapidly falling GDP and business failures
  10. 22. Amount of money one country owes another
  11. 24. Main cause is reduced demand for goods and services
Down
  1. 2. Producing and selling goods within a country
  2. 4. The economist who wrote Wealth of Nations
  3. 5. Human Resources aka
  4. 6. How a nation decides to allocate resources
  5. 7. There are ______ cycles in the business cycle
  6. 9. Items bought from other countries
  7. 11. Examples of this economy are North Korea and Russia
  8. 13. Prices rise on goods and services
  9. 17. Goods and services sold to other countries
  10. 19. Production output compared to input
  11. 20. An economy that represents more than one kind of system
  12. 21. Dollar value of final goods and services
  13. 23. Advantage when a country specializes in a product over other countries