Economics In The US: 2018 Flashcards
What is the target rate of unemployment nationally?
4.0%
The 4.0% target rate of unemployment is the NARU or?
Non-Accelerating Rate of Unemployment
Who measures inflation and unemployment?
The Bureau of Labor Statistics
The Federal Reserve set the target rate of inflation at what?
2.0%
The Bureau of Labor Statistics measures inflation for all ______ consumers.
Urban
The market basket is based on the buying habits of a “typical” family of ____ with ____ adults and ____ children.
4
2
2
Prices of all items don’t rise at the same what?
Pace
What are the three vital signs in the economy?
Unemployment
Inflation
Gross Domestic Product (GDP)
If GDP is too high we have what issue?
Inflation
If GDP is too low we have what issue?
Unemployment
What measures the total dollar value of all the goods and services produced in one year in the US?
GDP (Gross Domestic Product)
When the GDP drops for two quarters the economy is in a recession as determined by whom?
The National Bureau of Economic Research (NBER)
How many recession have we had in the last 30 years?
3
What years were the three recessions we’ve had in the past 30 years?
1990-1991
2001
2007-2009
Income in the US have become more and more unequal since what?
The Reagan Administration
The top 5% of income earners collected ______% of all incomes.
22.6%
The top 20% of income earners collected about _____% of all incomes.
51.5%
The bottom 80% of income earners in the US shared only ______% of all incomes.
48.5%
What measures the percentage of income that is spent?
The Average Propensity to Consume
The high the income, the _________ average propensity to consume.
Smaller
The top 20% of income earners spend ______% of their income.
40%
If a person is born into an upper income family the chances are that he or she will _______ ________.
Stay there
If a person is not born into an upper income family, the chances are they _______ get there.
Won’t
Currently the national debt is $20,962 billion and is growing at about $_________ per second.
$10,000
There is a _______ debt and a ______ debt at the national level.
Good
Bad
During the depression the Roosevelt Administration was influenced by a new breed of economists called what?
Keynesians
Keynesian economists were named after the British economist named what?
John Maynard Keynes
Keynesians argues that the power of the government could initiate spending on ________ ________ to reduce the 25% rate of unemployment.
Public works
Public works by government spending required __________ and debt grew.
Borrowing
What former secretary of defense said there are wars of choice, and wars of necessity?
Robert Gates
What did Robert Gates say WWII was?
War of necessity
Wars of necessity require borrowing and considered _______ debt.
Good
Wars of choice require borrowing and considered ______ debt.
Bad
In the US we have what type of tax system?
Progressive tax system
A progressive tax is as a person earns an income their marginal tax bracket ___________.
Increases
Higher tax bracket, ________ rate of taxes.
Higher
Lower tax bracket, _________ rate of taxes.
Lower
The Trump administration dropped the top tax rate to _____% effective for 2018 taxes.
37%
The United States if faced with an _________ population.
Aging
The Congressional Budget Office estimates the percentage of people over 65 years an older will grow by _____% between 2010 and 2035.
93%
The Congressional Budget Office estimates that the working age population (16-64 years) will only grow by about ______% over 2010 through 2035.
11%
Social security payments are paid out of a _______ ______ that workers contribute to as they get paid.
Trust fund
The K-12 education in the US is ranked how against 72 countries in the world?
Average
Most every other industrialized nation is ranked how in terms of education?
Above average
Who is ranked at the top of the list for education?
Singapore and Japan
The US ranks _________ in science and reading but ________ ________ in mathematics
Average
Below average
The education rankings are done by whom?
Organization for Economic Co-ordination and development
About _____% of tech employees in Silicon Valley are foreign born.
71%
Who ranks the quality of healthcare around the world?
The World Health Organization (WHO)
France is ranked #____ in healthcare and the US is ranked #____ in healthcare.
1
The US does rank #1 in healthcare what?
Cost per capita
The US pays the _______ for healthcare to have a ___________ healthcare system.
Most
Mediocre
Countries that rank high in healthcare treat healthcare as a what?
Public good
Countries that treat healthcare as a public good have what payer system?
Single payer system
The US has cobbled many _______ for healthcare.
Payers
What was an attempt in the US to make healthcare a public good?
The Affordable Care Act
What is a non-partisan government agency that collects and analyzes data about unemployment and inflation?
The Bureau of Labor Statistics (BLS)
What is an organization of 189 countries working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world?
The International Monetary Fund (IMF)
Who is a private non-profit, non-partisan, organization dedicated to conducting economic research and to disseminating research findings among academics, public policy makers, and business professionals?
The National Bureau of Economic Research (NBER)
Who is responsible for dating recession start and end dates?
The National Bureau of Economic Research (NBER)
What is a non-partisan research office which provides economic analysis to congress on tax and spending policy as it impacts the economy?
The Congressional Budget Office (CBO)
The mission of whom is to promote policies that will improve the economic and social well-being of people around the world?
Organization for Economic Co-operation and Development (OECD)
Who provides a forum in which governments can work together to share experiences and seek solutions to common problems?
Organization for Economic Co-operation and Development (OECD)
What is a specialized agency of the United Nations that is concerned with international public health?
World Health Organization (WHO)
With Trumps 37% tax rate the US debt is projected to increase by how much in the next few years with current tax and spending?
$2 trillion
