Macroeconomics Final Exam Review

Regressive Tax

Economy where goods are traded for one another with the absence of money

The ability of any economic actor to produce goods at a lower opportunity cost than other actor

Main form of revenue for the US government

If the value of the Rus Buck begins to fall, Rusburgh will start to _______ to help the value

The Federal Reserve is mainly responsible for which type of Economic Policy?

Law of Demand:

The government of the United States plays all these roles in the economy EXCEPT

Frictional Unemployment

Which of these is a belief of Supply-Side Economics?

____ was used to back up the value of many different country's currency w/ Fixed Exchange Rates

___________ championed Supply-side or "Trickle Down" economics

When the value of a country's currency is determined by Supply and Demand

Role where Gov't enforces rules and convicts those who break the rules

If a factor causes Quantity supplied to fall, the curve will move:

In the United States, _____ is responsible for deciding on the federal budget

Level of use/satisfaction a consumer gets from a product

The ability of an economic actor to produce more goods than another economic actor

The value of a good or service depends on its scarcity and ____________

Structural Unemployment

An example of a command economy is:

Role where The government provides goods and services while also purchasing them

A strong economic stance of the modern Republican party is to _____

The formula for GDP = C + I + ______ + NX

Mutual Funds pool money from multiple investors

Demand-side Economics is most supported by which US political party?

Role where Gov't attempts to control the extremes of the economy through monetary policy

Which CAN be counted in GDP?

In a Market Economy _____ decides who can afford what

Command Economies are characterized by a surplus of private ownership

Cyclical Unemployment

If a country has a Fixed Exchange Rate, the value of its currency constantly changes

Items used to produce other goods and services are the factor of production known as

3 basic economic questions include: (3 answers)

Money is considered to be all of these EXCEPT:

THE basic economic problem

Supply-side economics would be most supported by which US political party?

Both the IMF and the World Bank were formed near the end of what major war?

Law of Supply:

In a Command Economy, scarcity is addressed through:

Real GDP

Another name for a fixed tax rate

Progressive Tax

Nominal GDP

The United States is considered a ______ economy