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Economics, Government, and You
1. What is the business cycle?
2. Phase when the economy is growing?
3. Phase when the economy has reached its
highest level?
4. Phase when the economy has started to
5. Phase when the economy has reached a low
6. Define the term “Standard of Living”?
7. What is GDP?
8. Describe inflation?
9. Why is inflation a bad thing for the
10. What is the Consumer Price Index and why
is it needed?
11. What is fiscal policy?
12. What does Keynesian economics say about
increasing government spending?
13. What effect does decreased government
spending have on the economy?
14. What supply side economists believe about
taxes and the economy?
15. Define monetary policy?
16. How is the nation’s monetary system
17. Describe tight monetary policy and its
effect on the economy?
18. How does the government promote an easy
money policy and what would be its effect
on the economy?
19. Define the term laissez-faire?
20. What is a monopoly?
21. Explain the differences between a merger
and a trust?
22. What eventually happened to most
monopolies and why?
23. Why are some monopolies still allowed?
24. What are conglomerates?
25. What is deregulation?
26. What are the goals of labor unions?
27. Explain the concept of collective
28. List several methods used by workers to
achieve their goals?
29. What are blacklists and lockouts?
30. What is the role of the NLRB?
31. Name two union practices that are not legal
32. What are Open Shop laws?
33. What is the difference between mediation
and arbitration?
34. Where does most of the government’s
revenue come from?
35. Define Progressive taxes and give an
36. Describe regressive taxes and give an
37. When are personal income taxes due each
38. Property taxes are the main source of
revenue for which level of government?
39. What are the advantages and disadvantages
of sales taxes?
40. What are excise taxes and what term is
sometimes used to describe them?
41. What is intergovernmental revenue?
42. What is a budget?
43. What is revenue?
44. What are expenditures?
45. Define the term fiscal year?
46. What is a deficit?
47. What requirement do most states and local
governments place upon their budgets?
48. What is collateral?
49. What is the FDIC?
50. What is a “Bear Market”?
51. What is a ”Bull Market”?
52. How does your credit rating affect your
economic status?
53. What are exports?
54. What are imports?
55. What is the balance of trade?
56. Define NAFTA?
57. Name several world issues that currently
involve the government of the United