Gov't Rev and Spending
What is the one of the primary ways the Government generates revenue?
Taxes
What are policies features that work automatically to stabilize the economy?
Automatic Stabilizers
What power does the Fed have with currency?
Create new, set interest rates, loan to banks
Is the United States a member of the European Union (EU)?
No
What is the correct term when refering to a country that was called a "Third world country?"
Less Developed Nation
What kind of tax increase with the amount of income you make?
Progressive
What is our current debt?
22 Trillion
What is the official term for a bank audit?
Bank Exam
What is a group that controls production of a specific good called?
Cartel
What is the life expectancy in the USA?
78.69
What is also called a "Death Tax"
Estate Tax
If the Fed raises the interest rate, what type of policy would it be?
Contractionary
What is the central bank of the United States called?
The Federal Reserve
What is an example of a trade barrier?
Quota, Tariff, embargo, etc...
What Economic indicator measures the education level of a country?
Literacy Rate
If a person comes back from vacation with $200 dollars worth of premium Black Garlic from Korea, what could they have to pay when they get back to the USA?
Customs Duty
What event has lead to the current US debt around 22 Trillion Dollars?
Deficit Spending
What is the term or Acronym that makes banks have a set amount of money on hand?
Required Reserve Ratio (RRR)
What Trade barrier did JFK put on Cuba?
Embargo
What is privatization?
State owned business being released into the public
Education, Defense, Infrastructure are what type of spending?
Discretionary Spending
What is the basic idea of Keynesian economics?
Government Action is needed to stimulate aggregate demand
What is the interest rate the the Fed charges to banks when it lends money to them?
Discount
What does Cuba, China, Estonia, and Ukraine have in common
Transitional Economies
What policy led by Mikhail Gorbachev allowed a slow opening of markets in the Soviet Union?
Perestroika