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Economics Flashcards | StudBud
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Economics
Economics
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#economics #consumereconomics #supply #demand #money
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Prices in a mixed or market economy are determined by all of these EXCEPT...
Government
Demand
Supply
Cost of production
2
What does the blue line represent?
Equilibrium
Demand
Price
Supply
3
Which part of the business cycle is characterized by low unemployment and rising GDP?
Trough
Recession
Expansion
Peak
4
Who is in charge of controlling fiscal policy in the U.S.?
The people
Congress
The Federal Reserve
The Governors
5
Which of these is NOT a goal of The Fed?
Moderate interest rates
Printing money
Low Unemployment
Stable Prices
6
Which part of the business cycle is characterized by high unemployment and declining GDP?
Expansion
Recession
Trough
Peak
7
Which kind of economic system do most Western nations have?
Mixed
Command
Market
Traditional
8
What is inflation?
Increasing the money supply
Rise in the value of the dollar
Increasing GDP
Overall rise in prices
9
Which of these economic indicators measures inflation?
Debt
Consumer Price Index
Deficit
GDP
10
Which is an example of a human resource?
Labor
Horse
Water
Lumber
11
Term for when the government spends more money than it collects in a year.
Taxes
Surplus
Debt
Deficit
12
If the Federal Reserve increases the money supply, what will normally happen to inflation?
Inflation will go up
Inflation will go down
Nothing, the Fed does not impact inflation
13
This is the term for where the two lines intersect on the graph.
Equilibrium
Price
Shortage
Surplus
14
What does GDP measure?
Total wealth of the U.S.
The deficit
The economic output of the U.S.
Inflation
15
Which kind of economic system leaves the decision making entirely to the government?
Command
Traditional
Market
Mixed
16
What does the red line represent?
Price
Demand
Supply
Equilibrium
17
All economic systems must answer 3 questions because of scarcity. Which is NOT one of them?
How will it be produced?
Who will share in what has been produced?
How much will be imported?
What will be produced?
18
The total amount of money the federal government owes at one point in time is referred to as...
National Debt
Monetary Policy
Budget Deficit
Balance of trade
19
What is NOT a job of the Federal Reserve?
Write laws
Buy and sell bonds
Manipulate interest rates
Control monetary policy
20
Which scenario is more likely to be created if prices for a good are decreased?
Surplus
Shortage
Equilibrium
