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