PUP 3002 FSU EXAM 3 STUDY GUIDE (Key
Terms) – Questions With Appropriate Solutions
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Practice questions for this set
Learn 1 /7 Study with Learn
a period of temporary economic decline during which trade and industrial
activity are reduced
Choose an answer
1 Economic Growth 2 Regulation
3 Recession 4 Classical Model of Economics
Don't know?
Terms in this set (111)
The increase in the market value of the goods and
Economic Growth
services produced by an economy
Inflation is the purchasing power of money, so when
Low Inflation
inflation is low, the things you want cost less
, the level of employment reached when there is no
Full Employment
cyclical unemployment, typically between 4%-5%
Positive Balance of Trade exports greater than imports
model that holds that supply and demand are
Classical Model of
natural regulatory tools; thus, the economy
Economics
regulates itself. (Laissez-faire model)
French word that invokes as policy that there should
Laissez-fair be no interference by government or anyone else in
the regulation of an individual's affairs
Gross Domestic Product the total monetary value of all goods and services
(GDP) produced within a country in a given time period
the belief the government must manage the
economy by spending more money when in a
Keynesianism
recession and cutting spending when there is
inflation, and they should be allowed to interfere
the name of President Roosevelt's program for
New Deal getting the United States out of the Great
Depression
a New Deal agency that helped create jobs for
Works Progress
those who needed them created around 9 million
Administration (WPA)
jobs working on bridges, roads, and buildings
government policy that attempts to manage the
Fiscal policy
economy by controlling taxing and spending
government policy that attempts to manage the
Monetary Policy economy by controlling the money supply and thus
interest rates
the use of governmental authority to control or
Regulation
change some practice in the private sector
the body responsible for deciding the monetary
Federal Reserve Board
policies and the supply of money in the United
(the Fed)
States
the tax as a percentage of income increases as
Progressive taxation
income increases, aka tax the rich
Terms) – Questions With Appropriate Solutions
Save
Practice questions for this set
Learn 1 /7 Study with Learn
a period of temporary economic decline during which trade and industrial
activity are reduced
Choose an answer
1 Economic Growth 2 Regulation
3 Recession 4 Classical Model of Economics
Don't know?
Terms in this set (111)
The increase in the market value of the goods and
Economic Growth
services produced by an economy
Inflation is the purchasing power of money, so when
Low Inflation
inflation is low, the things you want cost less
, the level of employment reached when there is no
Full Employment
cyclical unemployment, typically between 4%-5%
Positive Balance of Trade exports greater than imports
model that holds that supply and demand are
Classical Model of
natural regulatory tools; thus, the economy
Economics
regulates itself. (Laissez-faire model)
French word that invokes as policy that there should
Laissez-fair be no interference by government or anyone else in
the regulation of an individual's affairs
Gross Domestic Product the total monetary value of all goods and services
(GDP) produced within a country in a given time period
the belief the government must manage the
economy by spending more money when in a
Keynesianism
recession and cutting spending when there is
inflation, and they should be allowed to interfere
the name of President Roosevelt's program for
New Deal getting the United States out of the Great
Depression
a New Deal agency that helped create jobs for
Works Progress
those who needed them created around 9 million
Administration (WPA)
jobs working on bridges, roads, and buildings
government policy that attempts to manage the
Fiscal policy
economy by controlling taxing and spending
government policy that attempts to manage the
Monetary Policy economy by controlling the money supply and thus
interest rates
the use of governmental authority to control or
Regulation
change some practice in the private sector
the body responsible for deciding the monetary
Federal Reserve Board
policies and the supply of money in the United
(the Fed)
States
the tax as a percentage of income increases as
Progressive taxation
income increases, aka tax the rich
