The dollar value of all financial services and structure products within a country borders in one year
What is: GDP
100
Who wrote Wealth of Nations?
What is: Adam Smith
100
Measure of resposiveness
What is: Elasticity
100
Goods and services that one country buys from other countries.
What are: Imports
100
A realatively high tax designed to raise revenue and reduce consumption
What is: Sin tax
200
Tools, Equipment, Machinery used in the production of goods
What is: Capital
200
Competition is allowed with minimum of government interference.
What is: Free enterprise
200
Can be used instead of other products
What is: Substitutes
200
Being able to produce more of a given product than any ther country.
What is: Absolute Advanatge
200
A tax on tagible or intangible poessesions such as real estate, buildings, furniture, automobiles, stocks, bonds and bank accounts
What is: property tax
300
TINSTAAFL
What is: There No Such Thing As A Free Lunch
300
Conversion of state-owned property to private ownership
What is: Privatization
300
Government payment to an individual, business or other group to encourage or protect certain type of economic activity
What is: Subsidy
300
Limit placed on the quantities of a product that can be imported
What is: Quota
300
Funds collected form levels of government.
What is: Intergovernmental revenue
400
Capacity to be useful and provide satisfation
What is: Utility
400
Two disadvatages of Market Economies.
What is :1)Does not provide basic needs for everyone in the society.
2)It does not provide enough services
3)High degree of uncertainty that workers and businesses face as the result of change
400
Give an example of Normal and Inferior good.
What is :
Hamburger - Hot dog
Steak - Hamburger
Computer - netbook
UNH - NHTI
400
Selling products at home at less than it cost to produce them at home
What is: dumping
400
Total taxable income divided by the total income
What is: Average tax rate
500
Three basic questions:
What is: What to produce, How to produce, for Whom to produce
500
TWO Advantages of command economy
What is: 1)It can chnange dirrections drastically.
2)People dont have to worry about future.
3)Output is set 4) Quality is detemined.
500
"All things being equal"
What is: Ceteris Paribus
500
Who favors trade barriers that defend domestic indutries
What is Protectionist.
500
An upward revision of the tax bracket to keep workers form paying more in taxes just because of inflation