Econ Unit 4

Front

What is it called when you file taxes or lie about taxable income?

Back

Tax evasion

Front

What is government spending that includes Social Security and Welfare?

Back

Entitlements

Front

What is it called when a government agency is dominated or captured by the industries it oversees?

Back

regulatory capture

Front

What is included in your FICA (Federal Insurance Contributions Act) taxes?

Back

Medicare and Social Security

Front

1. The BEST example of structural unemployment in an economy is someone:

2. 1. 1. between jobs or just entering the workforce

   2. 2. out of work due to a change in the business cycle

   3. 3. out of work due to a seasonal downturn in business

   4. 4. whose job skills no longer match the economy’s needs

Back

1. 4. whose job skills no longer match the economy’s needs

Front

When a person has voluntarily left one job and is looking for another one, what type of unemployment are they experiencing?

Back

frictional unemployment

Front

Taxation and discretionary spending are the components of which government policy?

Back

fiscal policy

Front

What is Gross domestic product (GDP) a measure of?

Back

dollar value of goods and services produced by the economy in one year

Front

What is the difference between the “Nominal Cost of Living” v. the “Real Cost of Living?”

Back

The “Nominal Cost of Living” is the cost in current dollars while the “Real Cost of Living” is the cost adjusted for inflation

Front

Why are intermediate goods excluded from gross domestic product (GDP)?

Back

their value is already included in GDP in the form of final goods