Econ Ch.12 (last test)

_____ are the most vulnerable group in america, with the largest number living in_____

Children, poverty

The earned income tax _______ is a tax credit designed to partially reduce the payroll tax burden on working families

Credit

The Lorenz _____ shows how actual income ____ differs from he ideal

Curve, distribution

Although workplace ______ is illegal,, it still occurs driving women and minority groups into other labor market where _____ drives wages down

Discrimination, oversupply

The importance of ______ in income equality is revealed by the fact that college ______ earn far more than those who stop schooling after high school

Education, graduates

The amount of ______ one already has dramatically impacts ones _____ later in life

Education, income

The poverty threshold is simplified into poverty ______ our administrative guides used to determine _____ for certain federal programs

Guidelines, eligibility

graph showing how much the actual distribution of income differs from an equal distribution among 5 quintiles

Lorenz curve

______ national product is GNP less _______ which is also called capital consumption allowance

Net, depreciation

_______ GDP is adjusted for inflation

Real

________ sales, or the sale of used goods, and _____ transactions or economic transactions that do not generate expenditures in the market are also excluded from the GDP.

Secondhand, non market

The poverty ______ is the benchmark used to evaluate the income people receive

Threshold

high birth rate in US 1946-1964

baby boom

a year that serves as basis of comparison for all other years

base year

the baby _____ that occurred after WWII made up a large segment of the population, and as they age it is changing the _____

boom, dependency

The constitution of the US requires the government to periodically take a ______, which is an official count of all the people living in the country and their place of residence

census

complete count of population

census

point where the country would balance if it were flat and everyone weighed the same

center of population

While GDP a useful measure of economic activity, it cannot tell us about ______ of output; the impact the product may have on _____ of life; _______ activities; and ________ product quality

composition, quality, non market, improved

the movement of income through the ______, investment, ______, and net foreign is described as the ______ flow of eocnomic activity

consumer, government, circular

the _______ sector is the largest sector of the economy and consists of all the _____, or basic living units, in the nation

consumer, households

________GDP is unadjusted for inflation

current

GDP measure in current prices, unadjusted for inflation

current GDP

in the US, the rate of population growth is slowly ______, and there has been a steady trend towards _____ households

declined, smaller

social scientists called _______ study the _____, density, and other characteristics of population

demographers, growth

ratio of population under 15 or 65 and over to the population aged 15-64 and under

dependency ratio

The consumer sector receives its income in the form of ____ ____ income

disposable personal

personal income less individual income taxes, total income available to consumer sector after income taxes

disposable personal income

Gross _____ product is the dollar value on all final goods, _________, and structures produced within a _______ borders in a year

domestic, services, country's

federal tax credits and cash payments for low-income workers

earned income tax credit

areas free of local, state, and federal tax laws

enterprise zones

two or more people living together related by blood, marriage, or adoption

family

number of births 1,000 women undergo in their lifetime

fertility rate

Demographers point to three factors that affect population growth, _____ life ______, and net immigration

fertility, expectancy

a high _____ rate, coupled with longer life expectancy, indicates ______ population

fertility, growing

government-issued coupons that can be exchanged for food

food stamps

GDP is like a two-sided coin; when business activity creates additional output, jobs and income are ______

generated

the ________ sector includes all the local, state, and federal levels of government, and receives its income from ______

government, taxes

one of these comprehensive measures of national output

gross domestic product

the market value of goods and services produced by labor an property supplied by US residents

gross national product

basic unit of consumer sector

household

the census bureau uses the _______ as its primary survey unit, and classified its data into categories like _____ and rural population

household, urban

The net foreign sector does not have a specific source of _____, but instead represents the difference between the dollar value of the goods _____ _____ and that of goods purchased from abroad

income, sent abroad

public goods needed support a population

infrastructure

Because it takes a long time to plan and contrast a country's ______, it is important to understand changes in migration and _____ population trends

infrastructure, future

Because GDP is a measure of final output ______ products or goods used to make other products are excluded

intermediate

products that are components o other final products already included in GDP

intermediate products

the ______ sector is made up of businesses, such as sole proprietorships, partnerships, and ______, that are responsible for producing the nation's ______

investment, corporations, output

average remaining life span of someone who has reached a certain age

life expectancy

joint federal-state medical insurance for low-income people

medicaid

To measure GDP, all we have to do is _____ all the final goods and services produced in a year by their prices, and then add them up to get the total _____ _____

multiply, dollar value

GDP minus depreciation charges for wear and tear on capital equipment

national income

net national product less indirect business taxes

national income

The gross ______ product measures the market value of goods and services produced by labor and _______ supplied by U.S. residents

national, property

_______ income is the income that is left over after all taxes except corporate profit taxes are ______ from the NNP

national, subtracted

a proposed type of tax that would make cash payments to certain groups below the poverty line

negative income tax

equal to total exports less total imports

net exports of goods and services

the _____ _____ sector includes all consumers and producers from outside the United States

net foreign

net population change after accounting for those who leave as well as enter the country

net immigration

economic activity no taking place in the market, not included in GDP

non market transactions

GDP= C+I+G(X-M)

output-expenditure model

expenditure model - GDP= C+I+G+F

output-expenditure model

the _____-_____ model shows that GDP is equal to the sum of aggregate demand for output by all four sectors

output-expenditures

total amount of income going to consumer sector before individual income taxes are paid

personal income

_______ income is the amount of income going to consumers before income taxes are subtracted, while _______ ______ income is the amount of income consumers have after income taxes

personal, disposable personal

diagram showing the breakdown of population by age and gender

population pyramid

administrative guidelines used to determine eligibility for federal programs

poverty guidelines

benchmark used to evaluate the income people receive

poverty threshold

a population ______ is a diagram that shows the population by age group and _____

pyramid, gender

GDP after adjustments for inflation

real GDP

GDP on aper person basis

real GDP per capita

those people not living in urban areas

rural population

Since it is not possible to record every single good, service, and structure produced, statisticians use ______ ______ to estimate

sampling technique

sales of used goods

secondhand sales

Economic activities like gambling and smuggling are part of the ________ economy and are not counted in GDP

underground

person living alone with relatives elsewhere

unrelated individual

people living in incorporated cities, towns, and villages with 2,500 or more inhabitants

urban population

government of private agency programs that provide general economic and social assistance for needy individuals

welfare

program requiring welfare recipients to work in exchange for benefits

workfare