Standard 4: Macroeconomics

Question 1

Due to the influence of the US over stock markets, they follow US trends and suffer when the US does.What globalization?

Accepted Answer

Economic Globalization

Question 2

What is Globalization?

Accepted Answer

The process in which connections increase and cultures become more similar

Question 3

Defines monopolies and gives the government the power to control them and break them up

Accepted Answer

Antitrust legislation

Question 4

What is Structural Unemployment?

Accepted Answer

Mismatch in job seekers and job openings

Question 5

True or False: Stocks held by the member banks in the FED can NOT be sold or used as collateral

Accepted Answer

True

Question 6

_____ is when competing businesses negotiate to divide a market; avoiding competition with each other and raising prices

Accepted Answer

Market Allocation

Question 7

What part of the business cycle represents #3? (circled)

Accepted Answer

Recession / Contraction

Question 8

What is Cyclical Unemployment?

Accepted Answer

Lack of overall demand

Question 9

GDP and Employment are at its lowest in this phase

Accepted Answer

Trough

Question 10

What part of the business cycle represents #4? (circled)

Accepted Answer

Trough

Question 11

What part of the business cycle represents #1? (circled)

Accepted Answer

Expansion

Question 12

True or False: The General Price Level can be affected by the price of one good

Accepted Answer

False

Question 13

NATO is established after WW2 in order to provide protection against the Soviet Union. What globalization is this?

Accepted Answer

Political Globalization

Question 14

The Board of Governors are _____ (read carefully)

Accepted Answer

Nominated by President; Confirmed by Senate

Question 15

GDP and Employment is growing in this phase

Accepted Answer

Expansion

Question 16

What is deregulation?

Accepted Answer

Actions taken to reduce or remove government control on a business

Question 17

_____ is beginning to develop industry that requires skilled labor and utilize their natural resources

Accepted Answer

Transitioning

Question 18

Controlling business behavior through a set of rules or laws

Accepted Answer

Regulation

Question 19

What is Frictional Unemployment?

Accepted Answer

Temporarly between (switching) jobs

Question 20

What is Seasonal Unemployment?

Accepted Answer

Temporary seasonal conditions / Temporary Seasonal Jobs

Question 21

Whose primary goal is to play a big impact on interest rates and the amount of money printed?

Accepted Answer

The Federal Reserve

Question 22

Fill the numbered blanks. Nominal GDP ___(1)___ adjusted for inflation, while Real GDP ___(2)___ adjusted for inflation

Accepted Answer

#1 should have the word "isn't", #2 should have the word "is"

Question 23

A group of firms combined for the purpose of reducing competition in an industry and managing assets.

Accepted Answer

Trust

Question 24

Who is NOT included in the Civilian Labor Force?

Accepted Answer

All are included in the labor force

Question 25

Contrast regulation and deregulation (multiple answers)

Accepted Answer

Regulation increases government control on a business, Deregulation decreases / removes government control on a business

Question 26

What is GDP?

Accepted Answer

Total Value of all FINAL goods in the country sold in a specific timeframe

Question 27

Deregulation is _____ for consumers because (multiple answers)

Accepted Answer

Good; prices go down due to competition, Bad; quality of products go down

Question 28

What is outsourcing? (read carefully)

Accepted Answer

When a business function performed in-house is done in another country, When a business function performed in-house is done by another business

Question 29

Which one IS included in the measuring of GDP?

Accepted Answer

None are measured in GDP

Question 30

A country that has struggled with civil wars, political unrest, and other factors that have delayed development is ____

Accepted Answer

Developing

Question 31

What is the goal for annual inflation increase? (no points provided for this question)

Accepted Answer

2%

Question 32

What is unemployment rate?

Accepted Answer

Amount of people who can work and are looking for jobs that don't have jobs

Question 33

How many member banks are included in the FED?

Accepted Answer

12

Question 34

_____ is when a firm sets prices below production cost so that smaller producers can't afford to participate in a market

Accepted Answer

Predatory Pricing

Question 35

A country that has modern technology and is not struggling heavily is

Accepted Answer

Developed

Question 36

When one company combines with or purchases another to form a new, larger firm

Accepted Answer

Mergers

Question 37

What is the Federal Reserve? (read carefully)

Accepted Answer

The central bank of the U.S; privately owned and publicly controlled

Question 38

_____ is when businesses work together to set prices of competing products

Accepted Answer

Price FIxing

Question 39

GDP and Employment are at its highest in this phase

Accepted Answer

Peak

Question 40

True or False: The government will approve mergers, even if firms are kicked out the market due to them

Accepted Answer

False

Question 41

What does the term "FED" refer to?

Accepted Answer

The Federal Reserve

Question 42

True or False: Inflation negatively impacts those with fixed incomes the most

Accepted Answer

True

Question 43

What part of the business cycle represents #2? (circled)

Accepted Answer

Peak

Question 44

What is Monetary Policy?

Accepted Answer

All of the Above

Question 45

German immigrants hold celebrations after moving to the US and introduce it to others. What globalization is this?

Accepted Answer

Cultural Globalization

Question 46

Which is NOT a classification of a country?

Accepted Answer

Dismantling

Question 47

_____ industrialized country providing money, goods and services

Accepted Answer

Developed

Question 48

GDP and Employment is declining in this phase

Accepted Answer

Recession / Contraction

Question 49

_____ lacks industries, modern tech, money resources, and skilled labor

Accepted Answer

Developing

Question 50

What is Inflation?

Accepted Answer

when cost of good or services increase

Question 51

What kind of nation did the term "2nd world country" refer to before the 90s? (no points provided for this question)

Accepted Answer

Communist Nations

Standard 4: Macroeconomics

Questions 51

Standard 4: Macroeconomics

Questions 51