This type of business has limited life and unlimited liability
What is a sole proprietorship?
100
These are three trends in labor
What is part-time employment, virtual employment, labor mobility, temporary workers
100
Three qualities of money that functions as a good medium of exchange
What is portable, accepted by people, divisible?
100
These are the cycles of the business cycle (in the correct order)
What is expansion, peak, recession, depression?
100
This are two examples of automatic stabilizers in the economy
What are entitlement programs and unemployment insurance?
200
This type of business requires a charter and lawyer to set up
What are corporations?
200
This is the term used when women cannot achieve the same management status and salary as men
What is a glass ceiling?
200
This is the term used when the Federal Reserve Bank buys and sells bonds to the public to enter or exit money from the economy through its monetary policy
What are open market operations?
200
An example of a proportional, progressive and regressive tax
What is Flat tax, Federal income tax, and sales tax?
200
These are three ways to discourage foreign trade
What is protectionism, quotas and tariffs?
300
This type of business allows you to use the advertising and managerial skills of a well-known company
What is franchise?
300
This type of employment is the most serious
What is structural employment?
300
What is included (think of the equation) for computing the GDP
What is consumer and govt. spending, investments, and exports minus imports?
300
This is the type of government spending that is not required by law and must be approved by Congress (and that is why nothing gets done because we have a bottleneck!)
What is discretionary spending?
300
If country A can produce more coffee and more nuts than country B, country A has what type of advantage?
What is absolute advantage?
400
This type of corporation provides social, educational and religious services
What is non-profit corporations?
400
This type of inflation is the most serious
What is hyperinflation?
400
Three items that would not be included when measuring the GDP
What are intermediate goods, secondhand items, and illegal operations like under-the-table money, and you know the rest!
400
These are three qualities of a good tax
What is simple, efficient and equitable (fair)
400
These are three examples of ways to promote trade
What is GATT, most favored nation clause, and NAFTA?
500
This is the theory that explains why college graduates often get paid more for their degrees and certificates
What is signaling theory?
500
This is the function of money used when saving it for future use
What is store of value?
500
This is the most popular type of inflation which means too much money is being produced without an increase in production (like what is happening now, we are printing money that we don't have!)
What is excessive monetary growth?
500
This is the type of tax that "punishes" excessive use, like SUVs, alcohol and cigarettes
What is an excise (sin) tax?
500
This is the type of economic policy that hurts individuals but helps businesses (think "trickle down theory")