Banks & Credit
What is it called when you take money out of the bank?
Withdraw
Which option is something unions don't do?
a. organize strikes
b. negotiate pay
c. lower prices of goods
d. create safer conditions
c. Lower the price of goods
What 2 sports did I play in high school?
Golf & Wrestling
What is the highest point of the business cycle curve called?
peak
What does GDP stand for?
gross domestic product
Banks make money by charging a small percentage added to a loan. What is it called?
Interest
What is a srtike?
When workers refuse to work until a demand is met
What state did I live in when I was in high school?
Ohio
what is the lowest part of the business cycle curve called?
trough
What happens to GDP during an expansion?
rises
inflation
What is a union?
Collection of workers fighting for better conditions/pay/etc.
What color is my car?
a. Trueno Blue
b. Halo White
c. Raven Black
d. Racetrack Red
C. Raven Black
Classical economists believed there should be how much government intervention in the economy?
a. none
b. a little
c. a lot
b. a little
What happens to GDP during a recession?
lowers
Who controls the interest rates?
The FED / Federal Reserve
What is it called when consumers decide to not shop at a specific store?
Boycott
What month is my birthday?
September
Who controls Fiscal Policy and what does it do?
Congress - decides government spending and controls taxes.
Explain why when I buy a bottle of wine from Italy at the grocery store it doesn't count towards US GDP.
Products made outside of the US don't count towards US GDP.
As banks loan out money, they essentially create more money. This effect is called the __________________ effect.
Multiplier
How can unions influence the laws that are created?
They can support specific candidates
What weight class did I wrestle Junior & Senior year?
a. 106
b. 126
c. 138
d. 152
Explain why unemployment would cause the economy to enter a recession.
Unemployment = less people having money to spend. Less money to spend = less money to business. Less money to business = firing workers. Firing workers = more unemployment.
Explain why when I buy eggs at the grocery store it counts towards US GDP but when a baker buys them it doesn't
The baker is going to use the eggs in another product to sell. GDP only counts when a final product is sold.