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Economic Challenges

Chapter 3-Questions

QuestionAnswer
The stage characterized by low unemployment and strong consumer confidence is called: prosperity.
A contraction in the gross domestic product (GDP) that lasts six months or more is called: recession
When an economic slowdown continues in a downward spiral over a long period of time, we have: depression.
After an economic downturn, when consumer spending begins to increase and business activity accelerates, the country is in: recovery
Define monetary policy. gov't policies & actions to regulate the money supply.Expansionary monetary policy increases the money supply in effort to cut the cost of borrowing, which stimulates employment & economic growth.Restrictive monetary policy reduces the money supply
Describe one way countries like the United States aim to help developing countries modernize their economies. Nations in the industrial world, including the United States, are currently struggling to find ways to help developing nations modernize their economies. One proposal is to forgive the debts of some of these countries, particularly those in Africa.
Describe two ways countries like the United States aim to help developing countries modernize their economies. Leaders of these countries should be encouraged to allow citizens to own property, lower their tax rates, avoid devaluing their currencies, lay a path for new businesses to start, and reduce trade barriers.
One example of how monetary and fiscal policy can be used to combat inflation and unemployment. An expansionary monetary policy puts more money into circulation making business borrowing easier and often lowers interest rates. As businesses increase activity, more jobs may be created, thus decreasing the employment rate.
One example of how monetary and fiscal policy can be used to combat inflation and unemployment A restrictive monetary policy reduces the money in circulation and could help reduce inflation.
One example of how monetary and fiscal policy can be used to combat inflation and unemployment A fiscal policy that increases taxes will pull money out of circulation and could help reduce inflation.
One example of how monetary and fiscal policy can be used to combat inflation and unemployment A fiscal policy that decreases taxes will increases business activity and overall economic activity.
There are four interrelated areas on which American businesses should concentrate to meet the global economic challenges of the 21st century. Briefly list and explain each. 1Chronic fiscal imbalances-- 2.Rising greenhouse gas emissions- 3.Water supply crisis- 4.Mismanagement of population aging -
What is a macroeconomic issue inflation, unemployment, and the business cycle
The common factor that directly impacts both supply and demand is: price.
When the United States government influences the economy through government spending and tax collections, this is referred to as: fiscal policy
During the late fall retailers tend to hire many people, and in January lay off many of them. This results in: seasonal unemployment
When the economy has contracted for six months or more, the nation is in a(n): recession.
To be competitive in a global economy the United States should: be attentive to the aging of the world’s population, be ready to compete with China and India for resources, and concentrate on developing a more highly skilled workforce.
Microeconomics studies the economic actions of: individuals, families, and individual firms.
When prices continue to fall, customers and businesses lose confidence and economic activity is reduced. This phenomenon is known as: deflation.
Created by: tiffanie1719
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