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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 decrease? 5. Phase when the economy has reached a low point? 6. Define the term “Standard of Living”? 7. What is GDP? 8. Describe inflation? 9. Why is inflation a bad thing for the economy? 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 regulated? 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 bargaining? 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 anymore? 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 example? 36. Describe regressive taxes and give an example? 37. When are personal income taxes due each year? 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 States?