fall final macroeconomics

the consumer price index

is used to measure changes in the cost of products

the dollar value of all final goods/services produced in 1 year in a country is

gross domestic product

collective bargaining refers to the

negotiation of labor contracts by workers and management

economics may best be defined as

study of efforts to satisfy wants and needs with scarce resources

during periods of inflation, people living on a fixed income have

declining purchasing power

voting shareholders in a company hold

dividends

the price paid to use another’s money is called

interest

OPEC, the organization of Petroleum Exporting Countries, is an example of

most developing countries suffer from ALL BUT which of the following

suffer from:

a growing population

a lack of appropriate education and technology

large debts that are owed to foreign banks and investors

not suffer from:

a low degree of capital flight

According to the traditional theory of wages, wages are mainly determined by

supply and demand

a person who cuts his or her own hair takes part in

a non-market transaction

criteria for good taxation include

equity and efficiency

the immediate effect of inflation is the

decline in purchasing power of the dollar

technological unemployment occurs when

workers are replaced by automation

a general decline in a level of prices is called

deflation

all following actions by the Federal Government would promote tight money policy except

would:

selling government securities

having an official testify to Congress that a tiny money policy is likely

increasing reserve requirements

wouldn’t:

lowering the discount rate

the continent with the most developing nations is

africa

comparative advantage means that a nation

can produce a product more efficiently than other nations