Category 1
The market value of all final goods and services produced within a nation in a given time period is called
What is Gross domestic product (GDP)
In the United States, the severe contraction that started in 1929 is commonly called the
The percentage of people living in households that have income below the poverty threshold is called the
What is poverty rate
If the government spends more than it takes in, what is that called
What is a budget deficit
What is a situation in which spending for a national emergency contributed to the deficit
What is military spending in the Iraq War
The total income earned in a nation from the production of goods and services in a given time period is called
What is National income
Structural unemployment is often caused by
What is new technology
A sustained rise in the level of prices or a sustained fall in the purchasing power of money is called
What is inflation
What are the two basic tools that the federal government uses to influence the economy
What is taxation and spending
Audits of a bank's financial practices are called
What is bank exams
GDP that is stated in the price levels for the year in which the GDP was measured is called
What is nominal GDP
People who are unemployed for long periods of time often
What is lose faith in their ability to get a job
The rate of change in prices over a set period of time is called
What is inflation rate
What term is used for a government plan to reduce aggregate demand and slow the economy
What is contractionary fiscal policy
When individual investors put more money in government bonds and less in corporate bonds, what is that an example of
What is crowding-out effect
The income received by a country's people from all sources in a given time period is called
What is Personal income
A program that requires welfare to do some kind of work in return for their benefits is called
What is workfare
A scarcity of goods and services that then drives up prices is created by
What is Demand-pull inflation
What is the government doing when it issues bonds
What is borrowing money it will have to repay in the future
In general, the demand for money increases when
What is income increases
The best measure of a nation's economic growth is
What is the amount of change in its real GDP
The refund of payroll taxes that the working poor receive is called the
What is earned-income tax credit
One of inflation's effects on the economy is
What is decreasing the value of the dollar
What are government trust funds
What is money that is held for specific purposes to be expended at a later date
The interest rate at which a depository institution lends immediately available funds to another depository institution overnight is called the
What is Federal funds rate