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Economics, Credit 5

What is a durable good?
An example is a used car
What is a nondurable good?
An example is a paperback book
What is the amount of money a person has left of his or her income after taxes called?
Disposal personal income
In a typical business cycle, what stage immediately follows a peak?
Contraction
What is depreciation?
An example is a worker’s truck breaking down often after a certain mileage
What is the difference between recession and depression?
A depression is a particularly deepened recession with a high level of unemployment
Why does higher saving lead to higher GDP in the future?
More capital is available for investment leading to higher output
What is the “market basket” that is used by the Bureau of Labor Statistics to calculate prices made up of?
Typical goods and services in an urban household
How has the distribution of income in the United States changed over the last 20 years?
It has become less equal
What do economists look to for explanation of inflation?
Too much money in the economy, demands for goods exceed supply in wartime, and producers raise prices in order to meet increased costs
When a nation imports more than it exports, economists say it has what?
A trade deficit
NAFTA?
A treaty to eliminate all trade barriers between Canada, Mexico, and the US
What is the primary measure of a country’s development?
Per capita gross domestic product
What do the World Bank, the United Nations Development Program, and the International Monetary Fund do?
Provide help to developing countries
During the 1980s, the government of Great Britain privatized a number of businesses, including the post office and the telephone company. What did the government actually do?
It sold government owned business to individuals
Census
an official count of the population
inflation
a price increase
Discouraged worker
a person who wants a job but gives up looking for one
Unemployment rate
percentage of the nations labor force that is not working
Enterprise zone
areas where companies can locate free of taxes and restrictions
Food stamps
government issued coupons that are redeemed for food
Fixed income
income that does not increase even when prices go up
Price index
a measurement that shows how the average price of a group of goods changes over time
Chronic inflation
inflation that rises steadily from month to month over a long period of time
Deflation
a sustained drop in the price level
Frictional employment
what occurs when people take time to find a job.
Purchasing power
the ability to purchase goods and services
Poverty threshold
the income level below which income is insufficient to support a family or a household
Block grant
federal funds given to states in lump sums
Quantity theory
the idea that too much money in the economy causes inflation
Creeping inflation
inflation that remains low for a long time

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