chapter 23
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| antitrust laws | legislation to prevent new monopolies from forming and police those that already exist
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| business cycle | alternating periods of growth and decline that the economy goes through
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| civilian labor force | all civilians 16 years old or older who are either working or are looking for work.
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| consumer price index | measure of change in price over time of specific group of goods and services
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| earned income tax credit | a program that gives tax credits and even cash payments to qualified workers.
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| externality | the unintended side effect of an action that affects someone not involved in the action
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| fiscal policy | the federal governments use of spending and taxation policies to affect overall business activity
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| food stamp | government coupons that can be used to purchase food.
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| inflation | sustained increase in the general level of prices
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| merger | a combination of two or more companies to form a single business.
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| monopoly | when the market creates a sole provider for a good or service
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| natural monopoly | a market situation in which the costs of production are minimized by having a single firm produce the product
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| private goods | goods that,when consumed by one individual, cannot be consumed by another
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| progressive income tax credit | a tax that takes a large percent of higher incomes than lower incomes
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| public goods | economic goods that are consumed collectively, such as highways and national defense
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| real GDP | GDP after adjustments in inflation.
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| recall | a special election in which citizens can vote to remove a public official from office.
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| unemployment rate | the percentage of people in the civilian labor force who are not working but are looking for jobs
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| women,infants and children | a program that provides help for nutrition and health care to low-income women,infants,and children up to the age of 5
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| workfare | programs that require welfare recipients to exchange some of their labor in return for benefits
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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