econ 12-14 Test Review

Expenditures made by the household sector

an economy can produce more if all of the following occurs, except

The most widely used price index

A benchmark year chosen as a point of reference for comparing real GDP

The Office of Management and Budget help the government prepare the initial budget plan

__________ taxes charge everyone at the same percentage

The total market value of all final goods and services produced annually in a country

The amount spent by the residents of other countries on goods produces in the United States

Velocity refers to...

A decrease in the average level of prices is known as

The average level of price

To find GDP per capita, you divide GDP by...

When an economy is in a recession, real GDP and unemployment go down

This is the amount spent by Americans for foreign produced goods

The major federal taxes include all of the following, except

The Great Depression ended on its own naturally

The unemployment rate counts people that are not actively looking for work.

Counting a good more than once in computing Gross Domestic Product

This determines the amount of time it takes for any variable to double

Saving money to buy something later on can actually cause you to spend more money in the long run because of inflation

When the economy is growing this period is called

The unemployment rate is the

Expenditures made by the business sector

Recurrent swings up and down in real GDP happens throughout the

Property taxes raise the most money for the federal government

Expenditures made by the government sector

All of the following can cause inflation, except

This shows the quantity of goods and services that producers are willing to supply

_________taxes charge a lower percentage for those that make less money

An increase in the price level is known as

Economists prefer to use GDP, instead of Real GDP

GDP that has been adjusted for price changes

This predicts that changes in the price level will be proportional to changes in the $ supply

To try to avoid or lessen a loss by taking some counterbalancing action is to

The US government usually runs on a deficits