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

Scarlett works at a factory and wants to join an organization formed by workers in her industry to improve pay, benefits, and working conditions. What is this organization called?

• Labor Unions

• Stock Market

• Tax

• 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