chapter23
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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private good | goods that, when consumed by one individual, cannot be consumed by another
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public good | economic goods that are consumed collectively, such as highways and national defense
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externality | the unintended side effect of an action that affects someone not involved in the action
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monopoly | when the market creates a sole provider for a good or service
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antitrust law | legislation to prevent new monopolies from forming and police those that already exist
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merger | a combination of two or more companies form a single business
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natural monoply | a market situation in which the costs of production are minimized by having a single firm produce the product
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recall | a special election in which citizens can vote to remove a public official from office situation in which a company pulls a product off the market or agrees to change it to make it safe
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real gdp | gdp after adjustments for inflation
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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 ether working or are looking for work
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unemployment rate | the percentage of people in the civilian labor force who are not working but looking for jobs
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fiscal policy | the federal government use of spending and taxation policies to affect overall business activity
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inflation | sustained increase of the general level of prices
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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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food stamps | governments coupons that can be used to purchase food
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wic | a program that provides help for nutrition and health care to low-income women,infants, and children up to age 5
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workfare | programs that require welfare recipients to exchange some of their labor on return for benefits
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progressive income tax | a tax that takes a larger percentage of higher incomes than lower incomes
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eitc | a program that gives tax credits and even cash payment to qualified workers
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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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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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Created by:
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