harvill ch23/24 jgjgjgjgjgjgjgjgjgjgjgjgjgj

what can states borrow money for

long term projects

what characteristics indicate that the united states has a mixed economy

minimum wage

what are the characteristics of a market economy

personal growth and decline

what happens when the value of a countries exports is greater than its imports

trade surplus

what happens when the united states purchases many imports from japan

value of the dollar goes down

describe federal income tax

People with lower incomes pay a smaller percentage of their income as taxes

what is an advantage of a command economy

Redirect resources rapidly

what does a single resource economy depend on

The export of one product

wwith what product ddoes brazil have a comparative advantage

beef

what happens when a president vetos an appropriations bill

can be rewritten

why might a country benefit from having a low currency value

can help a country increase exports

how does scarcity affect the global community

encourage international trade

which trade agreements form the largest economy in the world

eu

which president is associated with increased government involvement in the economy

franklin roosevelt

where do all appropriations bills begin

house of representatives

what is the greatest source of revenue for the federal government

income taxes

Who owns the factors of production in a market economy?

indiviuals

what to the interest the government owes as a government borrowing goes up

interest goes up

from which source do state governments receive the greatest amount of income

intergovernmental revenues

what decreases with increased government borrowing

investor confidence

what is a tax that is the same rate for all wage earners called

proportional tax

how does protectionism harm a countries economy

raises price of goods

what is the biggest expenditure for state governments

repaying debt

describe federal debt

rising steadily

how is the government involved in a mixed economy

serving minimum pay

what are treasury bills

short term bonds

what is an example of mandatory spending by the federal government

social security

what can a country produce when it has a comparative advantage

something at a lower opportunity cost than another country can

what do countries who have free agreements with each other NOT have?

tarriffs on anothers good