Unit 1
The central economic problem is known as?
Scarcity.
Part of the business cycle that is increasing?
Expansion.
The amount of additional tax paid for every additional dollar earned as income?
Marginal Tax Rate.
What are two protectionist policies?
Quotas and Tarrifs.
Scarcity is described as?
Unlimited wants vs Limited sources.
Whats the value of all finished goods and services produced by a countrys citizens.
GNP (Gross National Product)
50% of our national budget?
Mandatory spending.
Outsourcing is the practice of?
Hiring someone else.
_____ exists because human wants exceed the quanity of goods and services that can be provided?
Scarcity.
What is GDP?
What policies are needed to rregulate the economy?
Monetary and Fiscal.
What would cause the wealthy and middle class to see very little growth.
Automation and outsourcing.
The value of a choice not taken is known as?
Opportunity cost.
Whats HDI?
A composite measure of nations social and economic development.
Net amount of all deficits and surpluses?
National Debt.
Lower opportunity cost?
Comparitive advantage.
What is a tradeoff?
A situation that involves losing one thing for an alterrnative.
Whats the main goal of the Fed?
Implement monetary policy and achieve the dual mandate.
Monetary Policy.
Free trade is when?
No restrictions.