Labor/Unions (Chap 9)
MacroEconomics / Measuring the economy (Chap 12)
Taxes (Chapter 14)
International Trade (Chapter 17)
International Trade Cont'd (Chapter 17)
100
What type of organization has as its purpose allowing workers some control over wages and working conditions?
Labor Unions
100
With inflation, what happens to purchasing power?
Goes down
100
A tax for which the percentage of income paid in taxes remains the same for all income levels
Proportional Taxes
100
A tax on imports is known as what?
Tariff
100
The purpose of this barrier to trade is to restrict the number of goods brought into the country.
Import quota
200
What type of labor requires minimal specialized skills and education, such as operation of certain types of equipment?
Semi-skilled labor
200
Lowest point of a business cycle is called what?
Trough
200
This is a form used to file income taxes
A tax return
200
This is a controversial treaty that allowed Canada the US and Mexico to trade free of tariff barriers.
NAFTA
200
What type of exchange rate allows the value of a country’s currency to float on a daily basis?
flexible exchange rate
300
What is the largest sector of the American labor force?
White collar workers
300
What is the most common form of measuring a nation’s economic output, and therefore its standard of living?
GDP
300
This is a national health insurance program that helps pay for health care for people over the age of 65
Medicare
300
Who monitored the world’s fixed exchange rate system?
International Monetary Fund (IMF)
300
When you import more than you export, this results.
Trade Deficit
400
The process by which unions and employers negotiate the conditions of employment is called what?
Collective Bargaining
400
Economists calculate this to keep track of inflation…
CPI – consumer price index
400
This is money that lawmakers are required to spend by existing laws on certain programs
Mandatory spending
400
Name the 3 restrictions on global trade.
Import quota, embargo, protective tariff
400
The ability of a country to produce a product at a lower opportunity cost than another country is known as what?
Comparative advantage
500
How do economists define the labor force?
All nonmilitary people who are employed or unemployed
500
Name the 2 types of Stabilization policies.
Fiscal policy & monetary policy
500
What are the 4 characteristics of a good tax?
Simplicity, Efficiency, Certainty, Equity
500
What is the United State's trade balance?
The U.S. has a negative trade balance. It imports more than it exports.
500
Name 3 Characteristics of developing nations.
Rapid pop. growth, low literacy, poor health conditions
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