Show:
Policy
Inflation
GDP
Globalization and Comp Advantage
Potpourri
100

Actions by Congress to stabilize the economy.

What is fiscal policy?

100

The percentage change in prices from year to year

What is inflation?

100

The dollar value of all final goods and services produced within a country in one year.

What is gross domestic product?
100

The idea that the world’s economies have become more interconnected.

Globalization

100
  1. Promote Economic Growth
  2. Limit Unemployment
  3. Keep Prices Stable (Limit Inflation) 

What are economic goals for all countries?

200

Actions by the Federal Reserve Bank to stabilize the economy.

What is monetary policy?

200

This market basket approach helps determine the inflation rate by comparing past year prices with current prices.

What is the Consumer Price Index or CPI?

200
GDP is often used to state this.
What is the quality of life in a country or an economy's strenght and size.
200

The producer that can produce the most output OR requires the least amount of inputs (resources).

Absolute Advantage

200

When GDP is presented in only current dollars.

What is nominal GDP?

300

Laws that reduce unemployment and increase GDP. (Increase Government Spending and Decrease Taxes)

What is expansionary fiscal policy?

300
When inflation is calculated into an economic statistic, the data is considered constant or this.
What is real?
300

Real GDP per capita

What is GDP divided by a country's population?

300

Exports – Imports

Net Exports

300

In the car analogy for fiscal policy, contractionary fiscal policy is the ______ and expansionary fiscal policy is the ______.

Brake / Gas

400

Government policies designed to increase production by reducing business taxes and/or regulations.

What is supply-side fiscal policy?

400

People who lend money, people with fixed income, and savers.

Who are people hurt by inflation?

400

To ensure that goods are not counted twice, GDP is calculated using only these.

What are final goods?

400

The producer with the lowest opportunity cost.

Comparative Advantage

400
Selecting a base year, assigning it a number of 100, and calculating index numbers for other years to determine how prices have changed is the method for creating this.
What is a price index?
500

The interest rate that the Fed charges commercial banks for a loan.

What is the discount rate?

500

As prices increase for the fixed market basket, consumers buy less of these products and more substitutes that may not be part of the market basket.

What is substitution bias?

500

The change in real GDP per capita over time.

What is growth rate?

500

The act of shielding a country's domestic industries from foreign competition

Protectionism

500

The country with the highest GDP per capita.

What is Liechtenstein?