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SECTION 3.1
SECTION 3.2
SECTION 3.3
SECTION 3.4
100
WHAT IS COMPETITION?
COMPETITION IS THE RIVALRY AMONG SELLERS TO ATTRACT CUSTOMERS WHILE LOWERING COSTS.
100
WHAT IS A BUSINESS CYCLE?
A BUSINESS CYCLE IS A PERIOD OF MACROECONOMIC EXPANSOIN FOLLOWED BY A PERIOD OF CONTRACRTION.
100
WHAT IS A PUBLIC GOOD?
PUBLIC GOOD IS A SHARED GOOD OR SERVICE FOR WHICH IT WOULD BE IMPRACTICAL TO MAKE CONSUMERS PAY INDIVIDUALLY AND TO EXCLUDE NONPAYERS.
100
WHAT IS POVERTY THRESHOLD?
AN INCOME LEVEL BELOW THAT WHICH IS NEEDED TO SUPPORT FAMILIES OR HOUSEHOLDS.
200
FOR CENTURIES PEOPLE HAVE CONSIDERED AMERICA TO BE A "________________" - A PLACE WHERE ANYONE FROM ANY BACKGROUND COULD ACHIEVE SUCCESS THROUGH HARD WORK.LAND OF OPPORTUNITY
LAND OF OPPORTUNITY
200
THE GOVERNMENT ENCOURAGES THE DEVELOPMENT OF NEW ____________ IN SEVERAL WAYS.
INVENTIONS/TECHNOLOGY
200
WHAT IS THE GOVERNMENT'S GOAL WHEN EXTERNALTIES ARE PRESENT?
GOVERNMENT ENCOURAGES THE CREATION OF POSITIVE EXTERNALTIES AND AIMS TO LIMIT NEGATIVE EXTERNALTIES.
200
_______ IS THE GENERAL TERM THAT REFERS TO GOVERNMENT AID TO THE POOR.
WELFARE
300
EXPLAIN THE PUBLIC DISCLOSURE LAWS AND GIVE AN EXAMPLE.
LAWS REQUIRING COMPANIES TO TO PROVIDE FILL INFO. ABOUT THEIR PRODUCTS. EX: LABELS ON CARS
300
WHAT 3 MAIN OUTCOMES DO POLICY MAKERS PURSUE?
HIGH EMPLOYMENT, STEADY GROWTH, AND STABLE PRICES
300
WHAT IS A MRKET FAILURE? GIVE AN EXAMPLE
MARKET FAILURE IS A SITUATION IN WHICH THE MARKET DOES NOT DISTRIBUTE RESOURCES EFFICIENTLY. EX: FREE RIDERS
300
WHAT ARE DIRECT PAYMENTS FROM STATE AND FEDERAL GOVERNMENTS TO THE POOR, DISABLED, AND RETIRED PEOPLE?
CASH TRANSFERS
400
WHAT ARE THE 7 BASIC PRINCIPLES OF FREE ENTERPRISE?
PROFITE MOTIVE, OPEN OPPORTUNITY, LEGAL EQUALITY, PRIVATE PROPERTY RIGHTS, FREE CONTRACT, VOLUNTARY EXCHANGE, AND COMPETION.
400
HOW DOES TECHNOLOGY AFFECT PRODUCTIVITY?
IMPROVEMENTS IN TECHNOLOGY ALLOW AN ECONOMY TO PRODUCE MORE OUTPUT FROM THE SAME OR A SMALLER QUANTITY OF INPUTS, OR RESOURCES.
400
SOMEONE WHO WOULD NOT CHOOSE TO PAY FOR A CERTAIN GOOD OR SERVICE, BUT WHO WOULD GET THE BENEFITS OF IT ANYWAY IS A ____________.
FREE RIDER
400
MEDICARE COVERS AMERICANS OVER AGE ___ AS WELL AS THE DISABLED.
65
500
NAME ATLEAST 5 MAJOR FEDERAL REGULATORY AGENCIES.
FOOD AND DRUG ADMNISTRATION, FEDERAL TRADE COMMISSION, FEDERAL COMMUNICATIONS COMMISSION, FEDERAL AVIATION ADMINISTRATION, EQUAL EMPLOYMENT OPPORTUNITY COMMISSION, ENVIRONMENTAL PROTECTION AGENCY, OCCUPATIONAL SAFETY AND HEALTH ADMINISTRATION, CONSUMER PRODUCT SAFETY COMMISSION, NUCLEAR REGULATORY COMMISSION.
500
THOMAS EDISPON'S INVENTION OF THE LIGHT BULB IN ________ MADE POSSIBLE A LONGER WORKDAY.
1879
500
EXPLAIN THE POSITIVE AND NEGATIVE EXTERNALTIES.
POSITIVE EXTERNALTIES: PUBLIC GOODS GENRATE BENEFITS TO MANY PEOPLE. NEGATIVE EXTERNALTIES: CAUSE PART OF THE COST OF PRODUCING A GOOD OR SERVICE TO BE PAID FOR BY SOMEONE OTHER THAN THE PRODUCER.
500
IN 2001, GEORGE W. BUSH ANNOUNCED AN INNITIATIVE TO RELY ON ___________________________.
NON-GOVERNMENTAL SUPPORT FOR PEOPLE IN NEED.