Economics Final Exam (Part 2)

Emphasizes economic stability through deregulation and tax cuts

The supply of a product normally decreases if

Savings accounts generally offer extremely low interest rates.

A shift in the demand curve will represent a fundamental change in the desire to have the item at all possible prices.

Consider this situation: The Federal government purchases 100 fighter jets for the US Airforce

Who is responsible for Monetary Policy?

If a high school senior quit their job and are currently looking for a job with better pay, are they included in the UR?

Which of the following is NOT one of the categories of GDP Calculation

When a price is set at the point at which quantity supplied > quantity demanded

Which of the following would NOT cause a shift in the demand curve for a product?

Consider this situation: Karen purchased flour to bake cupcakes which she will sell to consumers in her bakery shop.

Minimum Wage is an example of

What is this graph showing?

Which of the following is NOT a shifter of supply

If Mrs. M was just fired from her job and decided to stay home to raise her kids, would she be included in the UR?

The supply curve is

Consider the market for coffee: The price of coffee beans (an input used to produce the coffee) decreases by 50%.

With a growing economy, prices will generally rise. What is this called?

Which of the following are goals for the macro-economy?

Intense inflation that can go as high as 500% or higher is known as

The calculation for GDP is C+I+G+(X-M)= GDP

Use of government spending and revenue (taxes) to influence the economy

Consider the market for Ramen Noodles (an inferior good): Consumer income increases by 15%.

A leftward shift of a supply curve for avocados might be caused by

This is a government payment to a supplier, which will cause a rightward shift of the supply curve

This is the lowest point in the business cycle and GDP is about to increase

What is the equilibrium price?

What is the situation with a price of $60?