Chapters 18-25 (except 24) Vocab Quiz Review

process by which unions and negotiate the terms of employment

What was the per capita personal income for Michigan in second quarter of 2015?

If my gross pay is $100, how much is my social security tax?

How much did GDP grow in the second quarter of 2015?

Who is the head of the Federal Reserve?

This form is given to me by my employer in the month of January

To make money (pursue profit) businesses should

Pick the item below that is not a final good, and is not counted in GDP.

decreasing satisfaction or usefulness as additional units are acquired

What are the two tools of Fiscal Policy?

Expenditures = Revenues

The Factors of Production include

changing the money supply in circulation

situation in which the government spends more than it collects in revenues

To improve the economy, fiscal policy should _______ taxes and ________ government spending

alternating periods of growth and decline that the economy goes through

How old is Mr. Sharp?

responsiveness of quantity supplied to a change in price

federal program that provides monthly payments to people who are retired or unable to work.

program that provides benefits to offset (correct or balance) a change in people's incomes

Who is the United States Secretary of Commerce under President Trump?

state laws forbidding unions from forcing workers to join

Key words from definition....LEGISLATED LIMITS

congressional document showing total spending and revenues for a year

This economist thought government intervention can improve the economy.

Developing nations have plenty of 

What is the most likely result of high unemployment?

the government's use of taxing and spending to affect the economy

GDP after adjustments for inflation

part of the business cycle in which GDP does not grow for six months

To aid or promote with money

measure of change in price over time of a specific group of goods and services

situation in which the government spends less than it collects in revenues

process by which unions and employers negotiate the conditions of employment

money used to buy the tools and equipment used in production

program using eligibility requirements to provide health, nutritional, or income to individuals

sustained (ongoing, continued) increase in the general level of prices

annual report filed with local, state or federal government detailing income  and taxes owed.

not having enough resources to produce all the things Mrs. Sharp deserves

government program that provides health care for the aged.

the next best use of time and money when choosing to do one thing or another

a tax that takes a larger percentage of higher incomes than lower incomes.

Who is our Secretary of Treasury?

CPI stands for

The Law of Supply states