Modules 5, 6, & 2
Help!
|
|
||||
|---|---|---|---|---|---|
| Money that people can gain access to easily and immediately to pay for goods and services | M1
🗑
|
||||
| Currency in circulation plus savings accounts and non-interest bearing deposits | M2
🗑
|
||||
| Who is the current chairperson of the Federal Reserve? | Janet Yellen
🗑
|
||||
| How many districts banks are in the Federal Reserve System? | 12
🗑
|
||||
| What terms refers to the dollar value of final goods and services produced within a country's borders within a given year? | Gross Domestic Product
🗑
|
||||
| What formula is used to calculate GDP? | C+I+G+X
🗑
|
||||
| For how long must GDP fall for the economy to be considered in a recession? | 6 months
🗑
|
||||
| Total amount of goods and services available at all possible price levels | Aggregate Supply
🗑
|
||||
| Function of money that states money is used for exchange of goods and services | Medium of exchange
🗑
|
||||
| Function of money that states money is used as a yardstick for comparing the value of goods in relation to one another | Unit of accounting
🗑
|
||||
| Function of money that states money is used to store purchasing power for later use | Store of value
🗑
|
||||
| What graph illustrates income distribution? | Lorenz Curve
🗑
|
||||
| Which statistics measures the changes in prices over time? | Consumer price index
🗑
|
||||
| If a company increases prices because of an increase in the price of a input, what theory of inflation is represented? | Cost-push
🗑
|
||||
| Theory that prices rise as the result of excessive demand | Demand-pull
🗑
|
||||
| At what unemployment rate is the economy considered at full employment? | 5%
🗑
|
||||
| What happens to the unemployment rate during a recession? | It increases
🗑
|
||||
| The idea that consumers ultimately determine what is produced in a market economy | consumer sovereignty
🗑
|
||||
| What is the reward or positive incentive for entrepreneurs to start businesses? | Profit
🗑
|
||||
| Financial market channel fund from... | savers to investors
🗑
|
||||
| Many critics of a minimum wage increase claim... | Jobs will be lost
🗑
|
||||
| Economic rule that states that the additional satisfaction people get from consuming one more unit of a product will lessen with each additional unit... | Law of diminishing marginal return
🗑
|
||||
| The willingness and ability of producers to a produce a good | supply
🗑
|
||||
| The willingness and ability of a consumer to buy a good | demand
🗑
|
||||
| As prices increase, quantity demanded decreases | Law of demand
🗑
|
||||
| As prices increase, quantity supplied increases | Law of supply
🗑
|
||||
| How does an increase in consumer population affect the demand for most products? | Demand increases
🗑
|
||||
| Two goods that statisfy similar wants or needs are called... | Substitutions goods
🗑
|
||||
| What kind of table lists the quantities of a good that a consumer will buy at different prices? | Demand schedule
🗑
|
||||
| What is a good example of a complementary good? | Bicycle and Bicycle helmet
🗑
|
||||
| If the price of salsa rises, what will most likely happen to the demand for tortilla chips? | Demand decreases
🗑
|
||||
| Which of the following most likely has inelastic demand? | Medicine
🗑
|
||||
| Minimum wage laws are an example of... | Price floor
🗑
|
||||
| Taxes on the production of candy bars increases, how is supply affected? | Supply decreases
🗑
|
||||
| How does introduction of new technology in the production process typically affect supply? | Supply Increases
🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
daniel.owen
Popular Economics sets