17

Question 1

economic system in which individuals and corporations, not the the government, own the principal means of productioncapitalism

Answer 1

capitalism

Question 2

economic system in which the government is deeply involved in economic decisions

Answer 2

mixed economy

Question 3

business with vast holdings in many countries

Answer 3

multinational corporations

Question 4

federal agency created during the new deal that REGULATES THE STOCK MARKET

Answer 4

securities and exchange commission

Question 5

legal minimum hourly wage to which most workers are entitled

Answer 5

minimum wage

Question 6

organisation of workers intended to ENGAGE IN COLLECTIVE bargaining

Answer 6

labor union

Question 7

negations between representations of labor unions and management to determine pay and acceptable working conditions

Answer 7

collective bargaining

Question 8

measured by the BUREAU of labor statistics, portion of labor force actively seeking work but unable to find any

Answer 8

unemployment rate

Question 9

measured by the bureau of labor statistics, a statistic that includes discouraged workers and people who are working part-time cause they cant find full-time work.

Answer 9

underemployment rate

Question 10

a RISE of price of goods and services

Answer 10

inflation

Question 11

KEY MEASURE of inflation- change in cost of buying a fixedbasket of goods and services

Answer 11

consumer price index

Question 12

Gov manipulation of the supply of money in private hands-one of two IMPORTATNT TOOLS by which the gov can attempt to steer

Answer 12

monetary policy

Question 13

economic theory holding that the supply of MONEY is the KEY to a nations economic health

Answer 13

monetarism

Question 14

the main instrument for making monetary policy in the us- created by congress in 1913 to REGULATE the LENDING practices of banks and thus money supply

Answer 14

federal reserve system

Question 15

use of federal budget-taxes, spending, and borrowing- to INFLUENCE the economy- main tool by which the gov can attempt to steer the economy

Answer 15

fiscal policy

Question 16

named after english economist “John Maynard Keynes”, - emphasising that gov spending and deficits can help the economy deal with its ups and downs

Answer 16

keynesian economic theory

Question 17

economic theory, first applied DURING REAGAN administration, holding the key task for fiscal policy is to simulate the supply of goods

Answer 17

supply-side economics

Question 18

economic policy of shielding an economy from IMPORTS

Answer 18

protectionism

Question 19

international organization that PROMOTES FREE TRADE

Answer 19

world trade organization

Question 20

Policy designed to ensure competition and PREVENT MONOPOLY

Answer 20

antitrust policy

Question 21

federal agency formed 1913, BROAD REGULATIONS POWERS OVER THE MANUFACTURING, CONTENTS, MARKETING, AND LABELLING OF FOODS AND DRUGS

Answer 21

food and drug administration

Question 22

1935 law, “WAGNER ACT”- guarantees workers the right of COLLECTIVE BARGAINING, sets down rules to protect unions and organizers, and created national labor relations board to regulate labor

Answer 22

National labor relations act1