Chapter 5 Econ

In the 1970s, a new economic indicator was invented. It was called?

ON AVERAGE, a business cycle usually lasts how long?

During what event did the MAJORITY of the world go OFF the Gold Standard?

What is inflation?

What type of unemployment is caused by a change in technology?

The fee (%) that the Federal Reserve charges banks to borrow money is called?

What does GDP stand for

During a contraction period, unemployment rates usually go?

What is nominal GDP?

What is demand-pull inflation?

What is Fiat money?

What is the Gold Standard

What type of unemployment is caused by people being between jobs

What is inflation?

Which of the following is the equation for GDP?

Karl Marx is considered the founder of what economic school of thought?

What do we use economic indicators?

To alter the money supply through fraction reserve banking, the US Government changes what?

What is a limitation of GDP as an indicator of an economy?

What type of unemployment is caused by a downturn economy?

What is cost-push inflation?

What President UNILATERALLY decided to take the US off the Gold Standard?

How do people insure themselves from inflation

What is NOT included in the unemployment rate?

According the Fractional Reserve Banking, whose money is loaned out for mortgages & auto loans?

Of the following, which is not a part of the equation for GDP

When was the Federal Reserve created?

What is NOT included in the unemployment rate?

What is Quantitative Easing (QE)?

GDP that accounts for inflation is called?

Who founded the Classical School of Economics?

To alter the money supply through fraction reserve banking, the US Government changes what?

What is Total Market Value?

Why was the Federal Reserve created?

Some leaders like inflation because?

Monetarist say the business cycle is really:

What is the event where the world went off the Gold Standard?

True or False: A final good is sold to the end user.

What is NOT included in the unemployment rate?

True or False: An intermediate Good is a good sold directly to the customer

What economic event precipitated the fall of the Weimar Republic to the Nazis?

Of the following, which is NOT a cause of the Great Depression?

Why is inflation bad?

The fee (%) that the Federal Reserve charges banks to borrow money is called?

During an expansion period, unemployment rates usually go?

What did John Maynard Keynes think was necessary to help the world out of the Depression