Unemployment
give an example of seasonal unemployment.
lifeguard
What does laissez-faire mean?
"hands-off"
In which phase(s) is productivity increasing?
expansionary
If the government began to spend more today, what would happen to future taxes?
increase
The mission that landed man on the moon?
Apollo 11
what type of unemployment deals with the underqualified and overqualified?
structural
when there is a decrease in aggregate demand that creates a ______.
surplus
The business cycle is ________ oriented.
demand
Why was the Social Security Act passed?
To protect the elderly following the Great Depression
Who was the first to cross the Atlantic by ship?
Which types of unemployment will keep the American People up at night?
cyclical and structural
what are the 5 things that happen immediately after AD decreases?
increase inventories
decrease real o/p
decrease employment
decrease real income
decrease productivity
What is the definition of the business cycle?
recurring fluctuations in economic activity over time
What is another name for Obamacare?
The Affordable Care Act
What year was the first moon landing?
1969
What is included in the U6 Unemployment Rate?
Unemployment Rate + Discouraged Workers + Part Time Workers
What are the three roles that Classical Economics expect the government should play?
1.) Lassiez-faire
2.) Protect the economy
3.) Provide non-profit necessities of society
What are the two legacy costs?
healthcare and retirement
What is innovation driven by?
incentives
What are the two most volatile parts of the Consumer Price Index?
food and energy
What type of unemployment will always occur, but not predictable, so it is included in unemployment rate?
Frictional
Our economy is always _________ and our economy is ________
heading toward full employment & inherently stable
What must happen to the interest rate when inflation occurs?
The interest rate must increase by at least the same amount we predict that inflation will increase.
What is the term used to describe when people know they won't be turned away for health care so they wait until last moment possible to get it?
Adverse Selection
What president started the Department of Agriculture?
Abraham Lincoln