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chapter 23

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.

private good   goods that, when consumed by one individual, cannot be consumed by another  
public good   economic goods that are consumed collectively, such as highways and national defense  
externality   the unintended side effect of an action that affects someone not involved in the action  
monopoly   when the market creates a sole provider for a good or service  
antitrust law   legislation to prevent new monopolies from forming and police those that already exist  
merger   a combination of two or more companies to form a single business  
natural monopoly   a market situation in which the costs of production are minimized by having a single firm produce the product  
recall   a special election in which citizens can vote to remove a public official from office  
real GDP   adjustment for inflation  
business cycle   alternating periods of growth and decline that the economy goes through  
civilian labor force   all civilians 16 years old or older who are either working or are looking for work  
unemployment rate   the percentage of people in the civilian labor force who are not working but are looking for jobs  
fiscal policy   the federal governments use of spending and taxation policies to affect overall business activity  
inflation   sustained increase in the general level of prices  
consumer price index   measure of change in price over time of specific group of goods and service  
food stamps   government coupons that can be use to purchase goods  
women, infant, and children   a program that provides help for nutrient and health care to low income women, infants, and children up to age five  
workfare   programs that require welfare recipients to exchange some of their labor in return for benefits  
progressive income tax   a tax that takes a larger percentage of higher income than lower incomes  
earned income tax credit   a program that gives tax credits and even cash payments to qualified workers  


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