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Econ Challenges Quiz

This is a review for Chapter 20 on Economic Challenges

QuestionAnswer
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