Economics Unit 6 Review

The ability of one country to produce a product at a lower opportunity cost than another.

The passage describes rising inflation as a possible result of

Unemployment caused by up and down fluctuations in the business cycle is called

According to this passage at the time it was written (1999) the national debt was...?

According to monetarists, to prevent the Great Depression the government should have

The ability of one country, to produce a specific product at a lower cost is known as

About what percentage did the federal government spend in 2007 for using borrowed money?

According to the passage, what is the meaning of “Tax Freedom Day”?

federal government's use of taxation and spending policies to affect overall business activity

Economists use the term "leakage" to refer to

Depreciation of the Japanese yen would make Japanese products sold in the United States

An excise tax is a tax paid on

High unemployment is usually a sign that

Who begins the budget-making process at the national level?

In terms of the circular flow of income, savings represent

Flexible exchange rates are determined by

periods between the time fiscal policy is enacted and the time it becomes effective

Property taxes, which are calculated as a percentage of the value of a home, are an example of

attempts by the federal government to keep the economy healthy

Temporary unemployment between jobs because of firings, layoffs, or retraining is called

theory that prices rise as the result of excessive business and consumer demand

According to some economists, stagflation is caused by

What type of tax does the tax table in the illustration represent?

transactions by people who dont follow federal and state laws with respect to reported earnings

Deficit financing is