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Expansion ◦ As stock market improves, the business cycle is most likely to be in which phase?
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UNIT 7 REVIEW
Mixed◦The US is best described as what type of economy?
Expansion◦As stock market improves, the business cycle is most likely to be in which phase?
Excise Tax◦Tax typically paid on alcohol, tobacco or telephone service
American◦If there was a large tariff on Japanese cars, US customers would most likely buy _________ cars
Smith◦Capitalism
Loose◦lowering the discount rate is an example of ______ money
Progressive Tax◦The higher the income is, the higher the tax rate is
Marx◦Communism
Global interdependence ◦Countries that rely on one another for their goods and services
(Labor) Unions◦Workers organize ________ in order to obtain better pay and working conditions.
Revenue◦government income
Great Depression◦consumer goods bought on credit led to this economic catastrophe
Regressive◦Sales tax is a ___________ tax
Socialism◦The government redistributes wealth but allows private ownership
Mandatory spending◦Expenditures for Social Security and debt payments are
Capitalism◦A laissez-faire economic philosophy is most associated with which economic system?
Federal Reserve◦The ______________decides monetary policy
Adam Smith v. Karl Marx?
Inflation◦the value of money goes down, but prices go up
President and Congress◦The ______________decides Fiscal policy
Federal Reserve◦What lends to banks, controls interest rates, and stabilizes the economy
Deflation ◦the value of money goes up, but prices go down
Capitalism◦Which economy is based on markets, private property, competition, and profits
Trade deficit◦Which term describes the condition of a country whose value of the products it imports exceeds the value of products it exports?
Business Cycle◦Alternating periods of an economy’s growth and decline
Eliminate tariffs and barriers◦The purpose of trade agreements between nations is to
Protectionism◦_________________often harms a country’s economy because it can lead to trade wars
Fiscal Policy◦The government cuts taxes, hoping that having more money will result in people buying more goods and services.
Strike◦When a union and a business fail to reach an agreement through collective bargaining, the workers could go on _______ to force an agreement
Tight◦raising the reserve requirement is an example of _________________ money
Smith◦Invisible Hand
NAFTA◦What eliminated trade barriers between US, Mexico, and Canada?
Traditional◦An economic system that relies on habit, custom, or ritual to decide questions of consumption and production of goods and services is…
Lower/Better◦Healthy competition in the market causes lower/higher prices better/worse quality
Communism◦In what kind of economy does the government make all the decisions?