I'll trade you a pickle for a nickel.
What is the difference between comparative advantage and absolute advantage?
Sole proprietorship
What is the most common type of business organization in the US?
Wage restrictions, unions that dictate the price of labor, monopsonies, and product monopolies.
What are four examples of factors that cause deviations from the labor supply in a perfectly competitive market?
To enforce the tax code.
What is the purpose of the Internal Revenue System?
3%
What is considered a healthy annual rate of growth in the GDP?
Government payments to industries that have to compete in the a world market where prices are lower than they are in the producing country.
What are subsidies?
An entrepreneur.
What term is often used for an individual who starts a new business?
Outsourcing and downsizing
What are two common ways that companies eliminate positions on their payrolls?
Let the buyer beware.
What is the meaning of caveat emptor?
The gross domestic product, the rate of inflation, and the rate of unemployment.
What are the three most important macroeconomic variables?
Mainland China and Japan.
What two countries held the most US Treasury securities?
A privately owned and operated entity, has under 500 employees, and is not dominant in its field.
What is a small business?
A legally mandated minimum hourly wage that all employers must pay workers.
What is the minimum wage?
Freedom to work, buy, save, and engage in all other economic activity without any hindrance, regulation, or oversight by the government.
What is economic freedom?
When the GDP has decline for at least two consecutive quarters or six months.
What is the traditional definition of a recession?
Pegging the value of the yuan artificially low and then buying huge amounts of American currency.
What was China accused of doing some years ago to manipulate the value of its currency to its own advantage?
That productivity of an in put decreases as the quantity of the input increases.
What does the law of diminishing marginal returns state?
Requiring a certain number or workers for a particular task or location, even if the job did not require that many workers.
What is featherbedding?
The amount that the government spends each year which exceeds revenue that it receives.
What is a deficit?
Three times the amount of income needed for an economical food budget, adjusted for the number of persons in a household.
What was Mollie Orshansky's standard for defining poverty?
Other countries retaliated with their own tariffs on American goods, America's foreign trade fell by more than half, and the law cost American jobs and contributed to the severity of the Great Depression.
What are three results of the Smoot-Hawley Tariff of 1930?
Increase in the real gross domestic product, growth in the number of jobs, higher average household income, greater business profits, numerous expansions, and the formation of many new businesses.
What characterizes a business expansion?
Manual labor, jobs traditionally held by women, jobs related to producing goods and services that are environmentally friendly.
What are blue, pink, and green collar jobs?
Adding up all taxable income from wages, salaries, self-employment, income, taxable investment income, and so forth.
How does a taxpayer determine his gross income?
It has three bedrooms; one and a half bathrooms, a garage, a porch/patio, and is in good repair.
What is the typical home of a poor person, according to a 2005 survey?