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macro terms overview and some random review
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Civics and Civics and EconomicsEconomics
JEOPARDYJEOPARDY
Unit 7 Unit 7 Macro econMacro econ
Round 1100 200 300 400 500
100 200 300 400 500
100 200 300 400 500
100 200 300 400 500
100 200 300 400 500
100 200 300 400 500
Fiscal and Fiscal and monetary monetary policypolicyEconomic Economic systemssystemsEveryone’s Everyone’s favorite - taxesfavorite - taxes
Global Global economicseconomics
State and State and locallocal
Potpourri Potpourri FJFJ
What is the Federal What is the Federal Reserve?Reserve?
Regulates the nation’s Regulates the nation’s money supplymoney supply
What is fiscal What is fiscal policy?policy?
Consists of decisions and Consists of decisions and policies concerning policies concerning
taxation and spendingtaxation and spending
What are the Fed’s What are the Fed’s tools for controlling tools for controlling the money supply?the money supply?Reserve requirement, Reserve requirement,
discount rate, buying/selling discount rate, buying/selling of securities by the FOMCof securities by the FOMC
Daily Daily DoubleDouble
What is inflation?What is inflation?
A rise in this is what A rise in this is what usually ends a period of usually ends a period of
expansionexpansion
Raise the prime or discount Raise the prime or discount raterate
What can the Fed do to slow down What can the Fed do to slow down an economy that is expanding too an economy that is expanding too
rapidly?rapidly?
In this system, prices are In this system, prices are determined solely by supply determined solely by supply
and demand forces.and demand forces.
What is a market What is a market economy?economy?
This type of economic This type of economic system has government system has government influence primarily in the influence primarily in the areas of money supply areas of money supply
and matters of consumer and matters of consumer protection protection
What is a mixed economy?What is a mixed economy?
His book, His book, The Wealth of The Wealth of Nations, Nations, said that business said that business will regulate itself through will regulate itself through
natural market forces natural market forces
Who is Adam Smith?Who is Adam Smith?
Countries with this type Countries with this type of economic system of economic system typically have high typically have high
GDPs and high standard GDPs and high standard of livingof living
What are market or What are market or mixed economies?mixed economies?
The means of The means of production are owned production are owned and operated by the and operated by the
government.government.
What is a command What is a command economy?economy?
The federal government’s The federal government’s greatest source of greatest source of
revenuerevenue
What are individual What are individual income taxes?income taxes?
Usually designated for Usually designated for capital improvements capital improvements
such as school and such as school and government buildings, government buildings,
water treatment facilities, water treatment facilities, etc.etc.
What are property taxes?What are property taxes?
Another name for use Another name for use taxes.taxes.
What are excise taxes? What are excise taxes?
This type of tax system This type of tax system taxes income at taxes income at
increasingly higher rates increasingly higher rates as the level of income as the level of income
risesrises
What is a progressive tax?What is a progressive tax?
The greatest amount of The greatest amount of revenue for both state and revenue for both state and
local governments.local governments.
What are What are intergovernmental intergovernmental
revenues?revenues?
Provides law enforcement Provides law enforcement at the county level.at the county level.
What is the sheriff’s What is the sheriff’s department?department?
The executive power for a The executive power for a city rests with this official.city rests with this official.
What is the mayor?What is the mayor?
The 2The 2ndnd largest category of largest category of revenue for the state revenue for the state
budgetbudget
What is sales tax?What is sales tax?
Legislation passed by city Legislation passed by city council or county council or county
commission.commission.
What is an ordnance?What is an ordnance?
What must be true of the What must be true of the North Carolina budget that North Carolina budget that
is not necessary for the is not necessary for the federal budget. federal budget.
What is a balanced budget?What is a balanced budget?
Daily Daily DoubleDouble
Importing more Importing more goods than are goods than are
exportedexported
What is an unfavorable What is an unfavorable balance of trade?balance of trade?
This country’s This country’s developing economy is developing economy is now the second largest now the second largest
in the world.in the world.
What is the People’s What is the People’s Republic of China [PRC]?Republic of China [PRC]?
Has all but eliminated Has all but eliminated trade barriers between trade barriers between
Canada, the United States Canada, the United States and Mexico. and Mexico.
What is the North America What is the North America Free Trade Agreement Free Trade Agreement
[NAFTA]?[NAFTA]?
The tax placed on The tax placed on imported goods before imported goods before entering the market.entering the market.
What are tariffs?What are tariffs?
Two institutions that Two institutions that provide loans and financial provide loans and financial assistance to developing assistance to developing
countries.countries.
What are the World What are the World Trade Organization Trade Organization
[WTO] and International [WTO] and International Monetary Fund [IMF]?Monetary Fund [IMF]?
Most of the federal Most of the federal government’s budget is government’s budget is already committed to already committed to
these.these.
What are entitlement What are entitlement programs?programs?
Nations that are seeking Nations that are seeking weapons of mass weapons of mass destruction and/or destruction and/or
harboring terrorists and harboring terrorists and are, therefore, a threat to are, therefore, a threat to
international security.international security.
What are “rogue nations”?What are “rogue nations”?
What is an What is an oligarchy?oligarchy?
Dictatorial rule by a Dictatorial rule by a few peoplefew people
What is a high rate of What is a high rate of population growth?population growth?
Besides a general lack of Besides a general lack of natural resources, a key natural resources, a key
obstacle to economic obstacle to economic growth in many growth in many
developing nationsdeveloping nations
What is maintain world What is maintain world peace?peace?
The main role of the The main role of the United Nations.United Nations.
FINAL FINAL JEOPARDYJEOPARDY
CATEGORY
Potpourri
A series of business A series of business expansions and expansions and
contractionscontractions
What is the business What is the business cycle?cycle?