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63 True/False questions

  1. Business cyclesCEO of Whole Foods

          

  2. neo-Malthusians (followers of Malthus)Believe there are too many people in the world and that the solution to property is radical birth control, including forced abortions and sterilization

          

  3. Monetary PolicyThe federal government's efforts to keep the economy stable by increasing or decreasing taxes or government spending

          

  4. CapitalismAn economic system in which all or most of the factors of production and distribution are privately owned and operated for profit

          

  5. DeflationA situation in which prices are declining

          

  6. Market PriceThe part of economics study that looks at the behavior of people and organizations in particular markets

          

  7. What creates perceived differences?The study of how to increase resources and to create the conditions that will make better use of those resources

          

  8. John Maynard KeynesDeveloped the Keynesian theory

          

  9. MacroeconomicsThe part of economics study that looks at the behavior of people and organizations in particular markets

          

  10. Perfect competitionTwo or more consecutive quarters of decline in the GDP

          

  11. MicroeconomicsThe part of economics study that looks at the operation of a nation's economy as a whole

          

  12. MonoplyA degree of competition in which only one seller controls the total supply of a product or service and sets the price

          

  13. Kiva.orgA degree of competition in which just a few sellers dominate the market

          

  14. Economists Four Different Degrees of Competition1. Perfect competition
    2. Monopolistic competition
    3. Oligopoly
    4. Monopoly

          

  15. Dangers/Negatives about Free Markets1. Inequality of wealth (those higher up make more money than those of lower-level jobs
    2. Greed

          

  16. Core InflationCPI minus the food and energy costs

          

  17. Monopolistic competitionThe degree of competition in a large number of sellers produce very similar products that buyers nevertheless perceive as different

          

  18. StagflationA situation when the economy is slowing but prices are going up anyhow

          

  19. President Franklin Roosevelt Four Additional Freedoms1. Freedom of speech and expression
    2. Freedom to worship in your own way
    3. Freedom from want
    4. Freedom from fear

          

  20. Free MarketDecisions about what and how much to produce are made by the market-by buyers and sellers negotiating prices for goods and services

          

  21. DisinflationA situation in which price increases are slowly (the inflation rate decreases)

          

  22. Gross Domestic Product (GDP)The total value of final good and services produced in a country in a given year

          

  23. Brain drainA general rise in the prices of goods and services over time

          

  24. Economist Joseph Schumpeter's Four Phases of Long-term Business Cycles1. Perfect competition
    2. Monopolistic competition
    3. Oligopoly
    4. Monopoly

          

  25. Frictional unemploymentOccurs when demand for labor varies over the year, as with the harvesting of crops

          

  26. Resource developmentOccurs when demand for labor varies over the year, as with the harvesting of crops

          

  27. Keynesian economic theoryEconomic systems in which some allocation of resources is made by the market and some by the government

          

  28. The Foundations of Capitalism1. The right to own private property
    2. The right to own a business and keep all that business profits
    3. The right to freedom of competition
    4. The right to freedom of choice

          

  29. EconomicsThe study of how society chooses to employ resources to produce goods and services and distribute them for consumption among various competing groups and individuals

          

  30. Negatives of SocialismThe government has no way of knowing what to produce, because the prices don't reflect supply and demand as they do in free markets

          

  31. John MackeyDecisions about what and how much to produce are made by the market-by buyers and sellers negotiating prices for goods and services

          

  32. Gross Output (GO)A measure of total sales volume at all stages of production

          

  33. Free-market economiesEconomic systems in which the government largely decides what goods and services will be produced, who gets them, and how the economy will grow

          

  34. Command economiesEconomic systems in which some allocation of resources is made by the market and some by the government

          

  35. SupplyA degree of competition in which only one seller controls the total supply of a product or service and sets the price

          

  36. InflationA situation in which prices are declining

          

  37. Adam Smith's beliefsThe periodic rises and falls that occur in economies over time

          

  38. SocialismAn economic system based on the premise that some, if not most basic businesses should be owned by the government so that profits can be more evenly distributed among the people

          

  39. Unemployment RateThe number of civilians at least 16 years old who are unemployed and tried to find a job within the prior 4 weeks

          

  40. Is the population growing more rapidly or slowly?Slowly

          

  41. State CapitalismA combination of freer markets and some government control

          

  42. Benefits of SocialismSocial equality; The government takes income from wealthier people, in the form of taxes, and redistributes it to poorer people through various government programs. (ex: Free education through, Free health care and free child care)

          

  43. John Mackey on capitalismA combination of freer markets and some government control

          

  44. Other capitalist economiesEngland, Australia, Canada and other industrialized nations

          

  45. RecessionA situation in which prices are declining

          

  46. Adam Smith (father of modern economics)Scottish economist; envisioned creating more resources so that everyone could become wealthier. He wrote a book called 'Inquiry into the Nature and Causes of the Wealth of Nations' published in 1776

          

  47. Seasonal unemploymentOccurs when demand for labor varies over the year, as with the harvesting of crops

          

  48. The "invisible hand"1. The right to own private property
    2. The right to own a business and keep all that business profits
    3. The right to freedom of competition
    4. The right to freedom of choice

          

  49. Fiscal policyThe management of the money supply and interest rates by the Federal Reserve

          

  50. National debtThe sum of government deficits over time

          

  51. Negative of communismThe government has no way of knowing what to produce, because the prices don't reflect supply and demand as they do in free markets

          

  52. Consumer Price Index (CPI)Monthly statistics that measure the pace of inflation or deflation

          

  53. DemandThe quantity of products that people are willing to buy at different prices at a specific time

          

  54. OligopolyA degree of competition in which just a few sellers dominate the market

          

  55. Producer Price Index (PPI)Monthly statistics that measure the pace of inflation or deflation

          

  56. Mixed economiesThe study of how society chooses to employ resources to produce goods and services and distribute them for consumption among various competing groups and individuals

          

  57. Thomas MalthusLead the writer Thomas Carlyle to call economics "the dismal science"

          

  58. Structural unemploymentRefers to unemployment caused by the restructuring of firms or by a mismatch between the skills of job seekers and the requirements of available jobs

          

  59. The secret to economic developmentThe study of how to increase resources and to create the conditions that will make better use of those resources

          

  60. CommunismAn economic system based on the premise that some, if not most basic businesses should be owned by the government so that profits can be more evenly distributed among the people

          

  61. Cyclical unemploymentThose people who have quit there job because they don't like the job, boss, or the working condition and who haven't found a new job

          

  62. Matt FlanneryCo-founder and CEO of Kiva.org

          

  63. DepressionA severe recession, usually accompanied by inflation