Vocab
What term measures the total value of final goods and services produced within a country?
Gross Domestic Product (GDP).
What U.S. program provided economic assistance to rebuild Europe after World War II?
The Marshall Plan
What is the main purpose of government price controls?
To limit prices or wages in an attempt to achieve certain economic goals
What is laissez-faire economics?
An economic approach that favors limited government intervention, encourages free market ideals, and allows individual economic freedom
In 40 of 50 states, this candy has been the most sold Halloween candy in the United States over the last decade.
Reese's Cups
What is the term for a general increase in the prices of goods and services over time?
Inflation
What was the primary purpose of GATT?
To reduce trade barriers and encourage international trade
What can happen when a price ceiling is set below the market equilibrium price?
A shortage can occur because consumers want to buy more than businesses are willing or able to supply at the controlled price.
What is one major problem that could occur when businesses operate with little government oversight?
unsafe working conditions, harmful business practices, monopolies, or market failures.
This person was just announced to perform the Super Bowl LXI halftime show
Jay-Z
What economic situation occurs when high inflation and high unemployment happen at the same time?
Stagflation
Why is real GDP more useful than nominal GDP when comparing economic growth over time?
Real GDP adjusts for inflation, allowing more meaningful comparisons of actual economic output over time.
What contributed directly to the 1970s oil crisis, and how did it affect businesses?
Arab oil-producing countries restricted oil exports following U.S. support for Israel during the Yom Kippur War. The resulting increase in oil prices raised transportation and production costs for businesses.
What is the main idea behind Keynesian economics during an economic downturn?
government can help stabilize the economy by increasing spending to support demand and employment.
This Halloween villain terrorized the campers of Camp Crystal Lake
Jason Voorhees
What term describes transferring a government-owned business or service to private ownership or operation?
Privatization
What happened in 1971 when the United States ended the dollar's direct convertibility into gold?
The United States moved away from the gold standard, giving monetary policy greater flexibility.
Why did stagflation challenge traditional Keynesian economic policies?
Traditional Keynesian policies often emphasize stimulating demand through government spending during downturns. Stagflation was difficult because high inflation and high unemployment occurred together, so increasing demand did not necessarily solve both problems.
Name one economic policy associated with Ronald Reagan or Margaret Thatcher during the 1980s
privatization or deregulation
Which european country do most historians agree began the tradition of "Halloween"?
What economic philosophy emphasizes free markets, lower taxes, deregulation, and reduced government involvement in parts of the economy?
Neoliberalism
Explain how the Marshall Plan and GATT supported different but complementary goals in the post–World War II global economy.
The Marshall Plan provided economic aid to help rebuild European countries after World War II. GATT aimed to reduce trade barriers and encourage international trade. One supported economic recovery, while the other encouraged countries to trade more freely.
Explain how rising oil prices could contribute to inflation, unemployment, and weak economic growth at the same time.
Rising oil prices increased transportation and production costs. Businesses could raise prices, contributing to inflation, while higher costs could reduce production, limit hiring, and weaken economic growth. These effects could contribute to stagflation.
Compare laissez-faire economics, Keynesian economics, and neoliberalism. Explain how each approach views the government's role in the economy
Laissez-faire: Favors limited government intervention.
Keynesian economics: Supports government intervention to stabilize the economy
Neoliberalism: Emphasizes free markets, lower taxes, deregulation, and reduced government involvement
The Marvel Cinematic Universe started in 2008 with the release of "Iron Man". How many marvel movies have been released since? (within 3)
38