Unit 1
Limited wants vs limited resources.
What is scarcity?
Policy implemented when reducing federal funds rate.
What is expansionary policy/measures?
Range of incomes subject to corresponding tax rate.
What is a marginal tax rate?
Tarrifs and quotas.
What are protectionist policies?
Situation where someone loses one thing for an alternative.
What is tradeoff?
Price where amount supplied = amount demanded.
What is equilibrium?
Indicator not used by FOMC when implementing monetary policy.
What is Human Development Index (HDI)?
Payroll tax, property tax, income tax, and corporate tax.
What are direct taxes?
Hiring someone to do a job that used to be in one country in a different country.
What is outsourcing?
What is fiscal policy?
The economic system that is controlled by individuals in the economy.
What is market economy?
Main goal of Federal Reserve System.
What is implementing monetary policy?
Excise tax and sales tax.
What are indirect taxes?
What is automation and outsoucing?
U.S. pressing trade partners to raise wages and worker safety.
What is putting values first?
What is a subsidy?
Primary tool of the Fed to steer the Federal Funds Rate (FFR) to the FOMC's target range.
What is Interest on Reserves?
State income tax and sales tax.
What are flat taxes?
How NAFTA impacted manufacturing in the U.S.
What is decreased manufacturing?
U.S. reducing or eliminating subsidies to agricultural workers and reducing tariffs on imported goods.
What is working for free and fair trade?
Occurs for a supplier when something is sold above the equilibrium price.
What is a surplus?
Happens when the Fed buys bonds in the open market.
What is increases the money supply?
Federal income taxes and estate taxes.
What are progressive taxes?
U.S. pressing for more favorable terms under the WTO to raise trade barriers to protect U.S. businesses.
What is protecting U.S. workers?
Exclusive rights assigned to all members of a community with low incentive for conservation.
What is common property?