Notgrass Packaged Exams 2024/2025 Fully Solved 100%

A group of workers who organize themselves and negotiate with business owners for higher wages and benefits is called what? - labor union Define poverty rate. - The percentage of the population that lives below what the government determines to be the minimum income to provide needed goods and se...

Define hyperinflation and give a historic example. - A huge and rapid increase in the cost of living, such as what people in Germany experienced in the early 1920s. How did the federal government pay for those? - The government borrowed money to cover some of the debt, but it also simply printed ...

Define economics. - the social science that studies the production, distribution, and consumption of goods and services Getting goods and services to the public is called what? - distribution How did Alfred Marshall define economics in Principles of Economics? - A study of mankind in the ordinar...

GATT and WTO are abbreviations for what? - General Agreement on Tariffs and Trade and World Trade Organization Give four examples of transaction costs. - Import tariffs, fuel expenses, business taxes, and costs of complying with regulations. How extensively has the U.S. extended NTR status? - Th...

absolute advantage - the situation in which one person or country can produce goods with a smaller input of resources than another arbitrage - a term used for taking advantage of price difference balance of trade - the difference between a country's imports and exports comparative advantage - t...

aggregate demand - The total of all goods and services that all households, companies, and the government are willing and able to buy at any price in a given period of time balance of trade - The difference between a country's imports and exports benefits - Things of value that employers provide...

A basic principle of economics is that people have to make choices about - scarce or limited resources A phrase the Old Testament uses several times to exemplify the ideal of security, prosperity, freedom, and property rights tells of Israelites sitting under their own - vine and fig tree Condit...

A cigarette warning label - is an example of a disincentive. A cost-benefit analysis - determines the cost and the benefit of taking a particular step before you take it to determine if the benefit outweighs the cost. A margin is a small step that - makes a big difference in an action being taken...

(Write a paragraph.) - On the exam, you will also be asked to summarize five main things you have learned from this Exploring Economics class. This question will be worth 14 points, so take time to look back over the curriculum and prepare to be able to give a complete, well-thought-out answer wit...

absolute advantage - when one person or country can produce goods with a smaller input of resources than another business cycle - expansion, peak, recession, trough capital gains - the increase in value of capital assets cause market failures - monopolies, taxes, regulations closed shop laws - ...

_________________ is an economic system in which a government encourages and assists businessmen in establishing __________________ outposts. - mercantilism, colonial ____________________ economies try to insure significant growth while sacrificing the possibility of stability. - market a benefi...