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Macro
Micro
Stocks and Bonds
Markets and More!
Taxes
100
the dollar value of all final goods, services, and structures produced within a country's borders in a single year
What is GDP (Gross Domestic Product)?
100
3 basic economic questions
What is "what to produce, how to produce it, and for whom to produce"?
100
these bonds are exceptionally risky
What are junk bonds?
100
structure characterized by a few businesses controlling the market (car companies are an example)
What is an oligopoly?
100
this would simplify the tax process by charging everyone the same percentage rate for income tax
What is a flat tax or proportional tax?
200
unofficial statistic that is the sum of the monthly inflation and unemployment rate
What is the misery index?
200
manufactured goods needed to produce other goods and services
What are capital goods?
200
federal agency that regulates the sale of stock
What is the Securities and Exchange Commission?
200
monopoly based on the ownership or control of a manufacturing method, process, or other scientific advance
What is a technological monopoly?
200
This includes Social Security and Medicare taxes
What is FICA?
300
unemployment caused by a fundamental change in the operations of the economy; outsourcing fits into this category
What is structural unemployment?
300
principle that suppliers will normally offer more for sale at higher prices and less at lower prices
What is the Law of Supply?
300
a non bank financial institution set up to provide financial protection for survivors
What is a life-insurance company?
300
market where existing financial assets can be resold to new owners (like the Stock Market)
What is a secondary market?
300
the final burden of a tax is known as this
What is the incidence of tax?
400
inflation in the range of 1 to 3 percent per year
What is creeping inflation?
400
measure of consumer responsiveness that shows how a dependent variable responds to a change in an independent variable
What is elasticity?
400
argument that stocks are usually priced about right
What is the Efficient Market Hypothesis?
400
Congressional Act that outlawed restraints and monopolies that hindered trade
What is the Sherman Antitrust Act?
400
Ann earns $10,000/year and pays a tax of $1,000. Jack earns $60,000/year and pays $20,000. What type of income tax system is this?
What is a progressive tax?
500
the components of the GDP expenditure model (letters and what they stand for)
What is Consumers+Investments+Government+(eXports-iMports)?
500
3 questions that determine the elasticity of demand
What are "can the purchase be delayed, are adequate substitutes available, and does the purchase use a large portion of income"?
500
4 basic considerations for investment
What are consistency, simplicity, risk/return relationship, and investment objectives?
500
3 factors that affect a demand curve
What is consumer tastes, consumer incomes, expectations, substitutes, complements, and number of consumers?
500
the authority to levy income taxes comes from this Constitutional amendment
What is the 16th Amendment?