The total value of all final goods and services produced within a country during one calendar year.
What is GDP?
100
working conditions, job security, fringe benefits are examples of these
What are non-monetary incentives?
100
The goal of this policy is to stabilize the economy
What is monetary policy?
100
A nation has this when producing a certain good with greater efficiency than its partner in trade.
What is absolute advantage?
200
GDP adjusted for price changes or inflation
What is Real GDP?
200
There is a direct relationship between education level and this
What is income level?
200
This policy is designed to expand the money supply
What is easy-money policy?
200
When the US exports more than it imports it has this.
What is a trade surplus?
300
A decline in real GDP for two or more consecutive quarters
What is a recession?
300
When employees negotiate a higher wage, it results in producers raising prices
What is wage-price spiral?
300
This policy increases taxes and reduces government spending.
What is contractionary/restrictive fiscal policy?
300
A tax on imports
What is a tariff?
400
Expansion or recovery, peak, contraction or recession, and trough are all phases of this
What is the business cycle?
400
Unions sometime use these tactics to negotiate with management.
What are strikes, boycotts, and pickets?
400
This type of tax takes a larger percentage of income from a high-income person than from a low-income person.
What is a progressive tax?
400
The use of protective tariffs between nations to favor domestic industries over foreign is known as this.
What is protectionism?
500
Increased standard of living, competing in the global market, and increasing domestic resources are examples of this
What is economic growth?
500
This type of unemployment happens during a recession.
What is cyclical?
500
They are responsible for adjusting the interest rates aka discount rates, buys or sells bonds aka open-market operations, and determines the reserve requirement.
What is the Federal Reserve?
500
This sets a fixed amount of an item that can be imported into the country.