Unit 2 Macroeconomics Vocab

What is the dollar value of all final goods and services produced within a country’s borders in a given year?

• Tax

• GDP

• Per Capita GDP

• Quota

Samuel noticed that the cost of his favorite snack has been going up every month. What is the rate of increase in prices over a given period of time?

• Inflation

• Deflation

• GDP

• Quota

The percentage of people in the civilian labor force who are not working but are looking for jobs.

• Fiscal Policy

• Unemployment

• Employment

• Inflation

What is a set of actions by the central bank to control a nation's overall money supply?

• Fiscal Policy

• Monetary Policy

• Antitrust Laws

• Comparative Advantage

During a recession, what is the government's strategy of adjusting taxation and spending to stimulate the economy called?

• Fiscal Policy

• Monetary Policy

• Antitrust Laws

• Stock Market

Mary receives monthly payments from Social Security, which helps cover her living expenses, including housing, food, and healthcare. Because she worked and paid into the Social Security system during her career, she is guaranteed these benefits regardless of changes in her income or the economy. This is called _______________.

• Entitlement Programs

• Stock Market

• Taxes

• Monetary Policy

David invented a new and useful gadget. The right granted from a government for his invention is called......

• GDP

• Tax

• Patent

• Copyright

Avery has written a novel and wants to protect her original work of expression. What is a collection of rights granted to her for this purpose?

• Tax

• Patent

• Copyright

• Antitrust Laws

A charge imposed by the government on people or property to raise money to meet public needs is called...

• Unemployment

• Tax

• Fiscal Policy

• Inflation

What is a recurring pattern of growth and decline in economic activity over time?

• Monetary Policy

• GDP

• Mandatory Spending

• Business Cycle