Uda Real GDP
This version of GDP is adjusted for inflation
What is real GDP?
This term describes the unequal distribution of income among people
What is income inequality?
This federal agency collects taxes
What is the IRS?
For the government, this goes from from Oct. 1 to September 30.
What is fiscal year?
Goods sold to another country are called these
What are exports?
A tax on imported goods
What is a tariff?
What does GDP stand for?
What is gross domestic product?
Name one factor that can help someone gain a higher income
Example: education
This is the document taxpayers submit to report income and taxes owed
What is a tax return?
When government spending exceeds revenue, this is the result in the budget
What is a budget deficit?
If imports exceed exports, a country has this
What is a trade deficit?
A limit on the amount of a product that can be imported
What is a quota?
This is what GDP measures
The total (final) goods and services produced within a country’s borders in a one year
This is the minimum income needed to meet basic needs.
What is the poverty line?
The tax paid on inherited wealth
What is estate tax?
When government revenue exceeds spending, this occurs.
What is budget surplus?
The ability to produce more with the same resources is called this.
What is absolute advantage?
A complete ban on trade with another country
What is an embargo?
This is an example of an economic activity that is not included in the GDP
Examples: underground economy (black market), nonmarket transactions such as babysitting or lawnmowing
Name a government program that is used to reduce poverty
Example: welfare, medical, social security
This type of tax takes a larger percentage from higher-income earners
What is progressive tax?
Spending required by law is called this
What is mandatory spending?
This benefit of trade is when countries focus on producing what they are good at.
What is specialization?
Someone who supports trade restrictions is called this
What is protectionist?
These are goods used in the production of another good and are not counted separately in GDP
These are a type of policies used to transfer income from higher-income earners to lower-income earners
This type of tax charges everyone the same percentage
What is proportional tax?
This type of law authorizes government spending.
What is an appropriations bill?
Producing a good at a lower opportunity cost is called this
What is comparative advantage?
Another term for a new or emerging business that needs protection from foreign competition
What is infant industry?