An economic system in which individuals and corporations own the principle means of production, through which they seek to reap profits
What is capitalism
100
The two government policies that impact the economy; one regulates currency, money supply, and inflation, and the other deals with the federal budget.
What is monetary and fiscal policy
100
This federal agency was formed in 1931 and assigned the task of approving all food products and drugs sold in the US
What is the Food and Drug Administration
100
As measured by the Bureau of Labor Statistics, the proportion of the labor force that is actively seeking work but unable to find jobs.
What is the unemployment rate
100
The rise in prices of consumer goods
What is inflation
200
A system in which the government, while not commanding the economy, is still deeply involved in economic decisions.
What is a mixed economy
200
These two economic issues are the chief concerns of policymakers.
What is the unemployment rate and inflation
200
The purpose of this is to ensure competition and prevent monopoly.
What is antitrust policy
200
The key measure of inflation that relates the rise in prices over time
What is the Consumer Price Index
200
A state law forbidding requirements that workers must join a union to hold their jobs.
What is a right-to-work law
300
The theory emphasizing that government spending and deficits can help the economy weather its ups and downs. Proponents of this theory advocate using the power of government to stimulate the economy when it is lagging.
What is Keynesian economic theory
300
During the Great Depression, President Herbert Hoover clung to this: the principle that government should not meddle with the economy.
What is laissez-faire
300
Democrats tend to be made up of minorities and the poor, so they are more likely to be concerned about this economic problem than Republicans.
What is the unemployment rate
300
The main agency for making monetary policy in the US
What is the Federal Reserve
300
Negotiations between representatives of labor unions and management to determine pay and acceptable working conditions
What is collective bargaining
400
An economic theory advocated by President Reagan holding that too much income goes to taxes so too little money is available for purchasing, and the solution is to cut taxes and return purchasing power to consumers.
What is supply-side economic theory
400
The amount of money available, interest rates, inflation, and the availability of jobs are all in some way controlled by this government agency
What is the Federal Reserve
400
Republicans tend to be made up of more well to do, upper class members of society and professional businessmen, so they tend to be more concerned about this than the Democrats.
What is inflation
400
Businesses with vast holdings in many countries-such as Microsoft, Coca-Cola, and McDonald's-many of which have annual budgets exceeding that of many foreign governments
What are transnational corporations
400
The independent regulatory agency traditionally responsible for regulating false and misleading trade practices
What is the Federal Trade Commission
500
A combination of expiring tax cuts and across-the-board government spending cuts scheduled to become effective Dec. 31, 2012
What is the fiscal cliff
500
These are the three policy instruments of the Federal Reserve
What are the discount rate, the reserve requirement, and the bond market
500
In this year, the National Labor Relations Act, otherwise known as the Wagner Act, which allowed collective bargaining, got passed.
What is 1935
500
An economic theory holding that the money supply is the key to a nation's economic health. Monetarists believe that too much cash and credit in circulation produce inflation.
What is monetarism
500
A 1947 law giving the president power to halt major strikes by seeking a court injunction and permitting states to forbid requirements in labor contracts that force workers to join a union.