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Econ Challenges Quiz
This is a review for Chapter 20 on Economic Challenges
| Question | Answer |
|---|---|
| The lowest point in a business cycle is called a _________. | trough |
| An economic slowdown is called a ___________. | contraction |
| The high point of a business cycle is called a ________. | peak |
| The shifting of the economy from good times to bad and back again. | business cycle |
| When union members walk off a job because an employer will not agree to union demands. | strike |
| When there is a work slowdown or action short of a strike. | job action |
| Organizations of workers are called _________. | labor unions |
| When an expert makes a legally binding decision to settle a labor dispute this is called _______. | arbitration |
| What are three things that cause inflation? | increased consumer spending during expansion, increased government borrowing and spending, and if there is too much money in circulation. |
| How does the government help the economy? | By changing its fiscal policy or monetary policies such as lowering taxes, increasing money supply, lowering interest rate, hiring more governmetn workers and buying more goods to stimulate the economy, reducing wasteful spending and programs. |
| How can consumers help the economy? | By increasing their savings, buying american made products, and doing their jobs more efficiently. |
Created by:
vderoner
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