Miscellaneous
This is the branch of economics that deals with the performance, structure, behavior, and decision-making of an economy as a whole.
What is macroeconomics?
This was a period of market decline in economies around the world that occurred from late 2007 to mid-2009.
What was the Great Recession?
The monetary value of all final goods and services produced within a country.
What is gross domestic income, or GDP?
What is depreciation?
This is a tax placed on imported goods.
What is a tarriff?
A financial decision/purchase that will have long term positive effects for you/your society's economy
What is an investment?
A phenomenon in which a large scale selling of an investment occurs mainly based on speculation and fear, leading to a stock market crash in many cases.
What is panic selling?
GDP is often used as a medium to measure ______. (Answer does not have to be what is written so long as it is correct)
What is the strength and size of a nation's economy? (Other correct answers will do)
Tarriffs, quotas, subsidies, and licenses are all examples of?
What are trade barriers?
An income tax whose rate increases as income levels rise.
What is progressive tax?
This is the economic indicator that measures inflation
What is a consumer price index?
One of the main reasons for the Great Resignation (beginning of COVID.) Any reason will do.
What is wage stagnation, rising cost of living, lack of job benefits, or rigid policies on remote work?
The difference between real GDP and nominal GDP is that nominal GDP is not adjusted for ___.
What is inflation?
A country's ability to produce more of a given product than another country can produce.
What is absolute advantage?
This is a type of tax whose rate is the same for all, regardless of wealth, status, or otherwise
What is a flat tax?
This is a school of thought stressing the importance of stable monetary growth to control inflation and stimulate long term economic growth.
What is monetarism?
The three main causes of inflation
What is demand-pull (too much money chasing too few goods), cost-push (rising production costs passed to consumers), and built-in (wage-price spirals from expectations)?
[DAILY DOUBLE] GNI stands for ___; and it is calculated by subtracting ___ from GDP.
What is gross national income, and a net factor income?
The agreement signed in 1933 to reduce tariffs and increase trade among the United States, Canada, and Mexico.
What is NAFTA?
Are FICA taxes in general CLASSIFIED AS flat, regressive, or progressive?
Example: Regressive. Though the rate is flat, Social Security has a wage cap (I know medicare is techincally proportional, but I didn't choose the classification so womp womp if you got it wrong.)
The term used for someone who is unemployed and not receiving any education or vocational training.
What is a NEET?
[DAILY DOUBLE] In early 2023, this bank collapsed after a bank run occurred due to the decrease in the market value of their bonds after the Federal Reserve raised ____ rates to try and curb an inflation surge.
What is/are Silicon Valley Bank and interest rates?
Secondhand sales, non-market transactions, and the underground economy, and ___ are the four things not included when calculating GDP.
What are intermediate products?
A country's ability to produce a given product relatively more efficiently than another country by doing it at a lower opportunity cost.
What is comparative advantage?
This is the willful failure to pay your taxes.
What is tax evasion?