The three basic quesions every economy tries to answer. 315
What are What, How and For whom to produce?
100
Those that receive a positive outcome from the spending of taxes should be the ones that pay the taxes. 225
What is the benefit principle?
100
The development of self-checkout lanes in the grocery stores has resulted in lots of cashiers unemployed. 216
What is structural unemployment?
100
Name of a trade organization that eliminated tariffs between Mexico, US, and Canada. You have'ta know this one. 313
What is NAFTA?
100
The circular flow illustrates this concept: if we all work together we will get what we want, "Lean on Me" 212
What is interdependence?
200
A key to economic growth that shows innovation and new ideas. One of the 4 FOP. 123
What is entrepreneurship?
200
If consumers receive a tax cut they will usually spend more, leading to an overall ______________ in demand. 141
What is an increase?
200
The total dollar value of all goods and services produced within the USA adjusted for inflation. 215
What is real GDP?
200
Tariffs, embargoes, quotas. 312
What are barriers to international trade?
200
A phase of the business cycle characterized by declining sales and unemployment. Elementary school children love them. 217
What is a recession?
300
There are seven, three are economic efficiency, equity and security. 221
What are the seven economic goals, the road to prosperity?
300
The government tells landlords they cannot raise rent over a certain amount, causing a shortage of apartments. 009
What is a price ceiling?
300
Demand pull, cost push, wage-price spiral. 012
What are causes of inflation?
300
Nation A produces socks at a lower opportunity cost than Nation B, Nation A has ... 321
What is comparative advantage?
300
Paying your bills on time and using a Visa card responsibly will help build... 414
What is good credit?
400
Increased taxes, increased cost of production, a supply shock, new technology. 131
What are things that cause the supply curve to shift?
400
A type of tax that takes the same percentage of income from all taxpayers. South Dakota. 010
What is a flat or proportional tax?
400
There is less demand for cheese, so cheese workers are laid off until sales pick up. 012
What is cyclical unemployment?
400
If yesterday $1.00 = .80 Canadian, and today $1.00 = .90 Canadian, the dollar . . . 323
What is appreciated?
400
Reduces the risk of an individual car owner by spreading the risk to all drivers who pay a little upfront for protection. 416
What is car insurance?
500
The type of economy where a central government makes all the decisions and owns the factors of production. There is little innovation but changes can happen quickly. 008
What is a command economy?
500
Which economic goal is most affected by increased taxes?The home of the brave and the land of the ... 223
What is economic freedom?
500
Lots of C+I+G+F per person, Luxembourg is #1 for
"each hat"... 314
What is per capita GDP?
500
This will be the result on US exports if the Fed floods the economy with dollars. 324
What is exports will increase?
500
Specialization, lower labor costs, opening new markets. 322