Edmondson Chapter 20 Test Review

Expansions of the economy tend to be longer than contractions

measure of the economy's production without price distortions

Government agency in charge of making sure companies are truthful in advertising

What do poverty guidelines reflect?

The Lilly Ledbetter Fair Pay Act of 2009

The civilian labor force includes

aid given to the poor in the form of money or necessities

A "bear" market indicates confidence in the economy

In a healthy economy, the unemployment rate is low, usually around

A period of severe economic decline is a

Which of these statements describes public goods?

What was the purpose of the Clayton Antitrust Act?

combination of companies that may threaten competition

During inflationary times, what happens to the purchasing power of the dollar?

A rising stock market fueled by confident investors is called a ______________

Which agency approves prescription drugs for sale?

Who established the first welfare programs in the United States?

The government tracks inflation by checking the prices of 400 products each month

The Equal Pay Act of 1963 has closed the pay gap between women and men

the TANF program

situation in which unsafe product is pulled off the market

legislation to preserve competition

About one in seven U.S. residents lived in poverty in 2009.

Federal, State, and Local Government are in charge of providing public goods

When inflation increases, the purchasing power of money

The economy is in a recession if

combination of companies that may threaten competition

unintended side effect of an action

Growth of real GDP signals a healthy economy

A product recall only protects consumers who have not yet purchased a product.

In the business cycle, what is the period from the trough to the peak?

stable income that stays the same each month

One service of federal government is to provide lowcost loans to students to go to college

If the consumer price index goes up, what is occurring?

A person with bachelor's degree can earn twice as much as a person with only high school degree

If sales in coffee shop increase by 50% b/c people are visiting new park nearby, coffee shop is

To avoid being misled by rising prices, economists measure the economy by using

Which of the following is a positive externality of the construction of a new bridge?

Which government agency maintains competition in the marketplace?

Which of these often owns natural monopolies of water and sewer services?

American Telephone and Telegraph was broken up by the government because it

The Civil Rights Act of 1964