UNIT 1
Is minimum wage considerd a price floor or price celiling?
Price Floor
Where in the business cycle is there an all-time high of GDP?
The peak
Which policy addresses taxation, government spending, and borrowing?
Fiscal Policy
True or False:
Globalization has resulted in less expensive goods for consumers to purchase.
True
What big 3 historically significant industries make up North Carolina?
Tobacco, Textile, and Furniture
If Coke and Pepsi are substitutes, what would happen to the demand of Coke if the price of Pepsi went up?
It would decrease.
Act of trading in an asset or conducting financial transaction that has significant risk of losing most of all of initial sum.
Speculation
What government department handles the production of coins and currency, and collects and disperses money?
If China can produce cars with a lower opportunity cost than the U.S., what kind of advantage would they have?
What's the current national debt for the U.S.?
$33 trillion
Who wrote the Communist Manifesto and "Das Capital"?
Levels of education and accessibility of healthcare is indicated by what?
Human Development Index (HDI)
What type of spending takes up around 50% of all government spending in the U.S.?
Mandatory spending
What limits the amount of goods imported (favors developed countries)?
Quotas
Who was known for the "Invisible Hand"?
Adam Smith
What is the name of the market structure with the following characterists:
1. One seller and several buyers
2. No substitutes of equal status
3. Controls prices
Monopoly
What is the difference between leading and lagging measures when relating to inflation?
Leading: Where the economy is heading
Lagging: Where the economy is currently
1. Congress
2. President
3. Congressional Budget Office
4. Office of Management and Budget
What is the natural result of globalization of markets?
Outsourcing
True or False:
The U.S. is known to export more goods than import.
False
Encourages business and innovation, provides more choices for consumers, and leads to higher quality products. These are all advantages of what?
Competition
What's the main purpose of the Federal Bank?
Hint: it's not to prevent recessions!
What is the federal payroll contributioon directed towards both employees and employers to fund social security and medicare?
Federal Insurance Contribution Act (FICA)
Which of the 4 viewpoints on trade relate to a prioritization of human rights?
Put values first