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Ch. 20 - Economics - Freeman Flashcards | StudBud
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Ch. 20 - Economics - Freeman
Ch. 20 - Economics - Freeman
37 terms
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StudBud Administration
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A Quiz to review government and the U. S. economy.
Flashcards
37 cards
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Practice quiz
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Questions
37
Answers
1
What was the poverty guideline for a single person in 2011?
$10,890
$12,750
$9,000
$14,980
2
_____ is when the nation's economic production level has been adjusted for inflation.
Real GDP
Imaginary GDP
Inflationary GDP
GDP
3
Lower prices and higher quality are advantages of _____.
Communism
Competition
Socialism
4
Which is typically shorter: expansion or recession?
They last equal amounts of time.
Recession
Expansion
5
A ____ requires companies to pull unsafe products from stores.
Recession
Merger
Recall
Buyout
6
War often leads to ____ in the U. S. economy.
Recession
Expansion
Decrease
7
Which government agency recalls products that are not safe?
FBI
FDA
CPSC
Dept. of Labor
8
Most people are not eligible for SSI until which age?
65
60
Never
70
9
Which of these is NOT a natural monopoly?
Water company
Gas company
Wal-Mart
Telephone company (landlines)
10
In the business cycle, expansion leads to a peak which is followed by a _____.
Expansion
Recession
Trough
11
Which political party generally wants to increase government spending?
Republicans
Democrats
12
Which law banned monopolies?
Clayton Act
Sherman Antitrust Law
Rockefeller Act
Carnegie Antitrust Law
13
An _____ occurs when a third party is harmed by another's actions.
Effect
Consequence
Conscience
Externality
14
Grants, Head Start, & Free/Reduced lunches are ways the government tries to help in which area?
Education
Politics
Infrastructure
Housing
15
Public parks and libraries are examples of _____.
Private goods
Public goods
16
The March 2016 unemployment rate for AR was _____.
4.7%
5.1%
5.7%
4.1%
17
A _____ is when two companies combine.
Merger
Alliance
Buyout
Union
18
TANF requires _____.
You must have children.
You must be 65.
Drug testing
Workfare
19
WIC stands for _____.
Workers, Innovators, and Corporations
Workforce, Industry, and Companies
Women, Infants, and Children
20
Which factor usually hinders fiscal policy?
Education
Politics
Income
21
TANF stands for _____.
Temporary Assistance for Needy Families
Temporary Aid for New Factories
22
Education, family wealth, and discrimination are all factors that impact _____.
Fiscal Policy
Income
Motivation
23
What measurement is used to determine inflation?
CPSC
SSI
FDA
CPI
24
To be in a recession, the country's real GDP must decline for ____.
one month
a year
6 consecutive months
any 6 months within a year
25
SSI stands for _____.
Supplemental Security Income
Standard of Social Issues
System of Social Income
System of Security Income
26
Which organization helps low-income families get food and healthcare?
TANF
SSI
FDA
WIC
27
When the unemployment rate drops by 1%, the total economy income ____.
Increase 1%
Decreases 2%
Increases 2%
Decreases 1%
28
Which government organization deals with false advertising?
FDA
CPSC
FTC
29
Which political party generally wants to decrease taxes?
Republicans
Democrats
30
Which is NOT a way to measure the economy?
Stock Market prices
Unemployment rate
TV ratings
Rate of inflation
31
Which is better: a bull or bear market?
Bull
Bear
32
Which government agency regulates food labels?
FDA
CPSC
WIC
FBI
33
Which of these is a negative externality?
State roads are being repaved.
Chemical company pollutes the local water supply.
34
GDP stands for _____.
Gross Domestic Product
General Democratic Party
General Development and Planning
35
Clothing and food are examples of _____.
Public goods
Private goods
36
Which type of income tax is used in the U. S.?
Regressive
Flat
Progressive
37
Which of these is a positive externality?
A chemical company polluted the local water source.
State roads are being repaved.
