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Econ Unit 4 Final Quiz 2018 Flashcards | StudBud
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Econ Unit 4 Final Quiz 2018
Econ Unit 4 Final Quiz 2018
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Answers
1
Buying back lots of bonds is an examples of
easy money policy
contractionary policy
supply side
tight money policy
2
Who is hurt by inflation
property owners
someone on the minimum wage
people on loans with fixed rates
someone who got a raise of 1%
3
The type of unemployment that happens during a recession:
seasonal
cyclical
frictional
structural
4
Tight money policy means
increasing taxes
high interest rats high credit availability
low interest rates and high credit availability
high interest rates and low credit availability
5
Loose money policy means
low interest rates and high credit availability
high interest rates and low credit availability
high interest rats high credit availability
increasing taxes
6
Stock market down 10% in last two weeks
maintain current policy
tight money policy
easy money policy
7
Tame or slow inflation is also known as
creeping inflation
stagflation
deflation
hyperinflation
8
If congress reduces taxes that is an act of
expansionary policy
tight money policy
easy money
contraction
9
Which statistic is the inflation-adjusted value of goods and services produced in a country?
the market basket
nominal GDP
the CPI
real GDP
10
Which of the following is not a part of the USA's GDP?
Japanese owned cars made in the USA
Korean owned microchips made in Mountain View
American owned sneakers made in Vietnam
Mexican owned cell-phones made in New York
11
Who is helped by inflation
someone on the minimum wage
people on loans with fixed rates
property owners
someone who got a raise of 1%
12
Creating Federal Jobs is an example of
tight money policy
contractionary policies
fiscal policy
monetary policy
13
Which person is unemployed?
The person who is actively seeking a job
The person working less hours than they want to
The person who is retired
The person who isn't working and isn't looking for work
14
If richer people pay more taxes than poor people the tax rate is
progressive
proportional
flat
regressive
15
Natural Gas Prices Halved: Which is most likely
Decrease in Inflation
Increase in Inflation
Economic Contraction
A rise in GDP
16
The fed buying and selling bonds is
tight money policy
FOMC
open market operations
deficit spending
17
When a firm produces more goods and increases its inventory, what part of GDP is growing?
Business Investment
Government Expenditure
Exports - Imports
Household Consumption
18
CPI is up 10% in the last 3 months
easy money policy
maintain current policy
tight money policy
19
Which of the following is NOT a role of the Fed Reserve
controlling the money supply
providing emergency loans to banks
regulating banks
controlling federal spending
20
People who promote supply side economic argue
it slows the multiplier effect
it increases top tax rate`
it increases federal spending
it increases production
21
Inflation is defined as
a rapid increase in prices
a persistent increase in the general prices in the economy
slowing inflation
an overall decrease in prices
22
Keynesian Economists would say during a recession we should implement
expansionary policies
contractionary policies
no change
23
If the federal reserve is increasing interest rates it probably
high unemployment
has low inflation
banks are making risky loans
GDP is growing slowly
24
Which of the following counts as Gov Spending
Military Purchase of a Jet
Buying Bonds
Government Scholarships
Social Security being paid out
25
GDP is up 9% from 4% over the last year - use
tight money policy
easy money policy
maintain current policy
26
Who is frictionally unemployed?
The recent college grad who is looking for a job
The accountant who is laid off during a recession
The ski instructor heading home for the summer
The auto-maker who's job has been replaced by a robot
27
Where does the federal government get most of their money
payroll taxes
income taxes
sales taxes
corporate taxes
28
Inflation means that individuals
decreased purchasing power
have increased purchasing power
see a decrease in prices
have nothing change
29
Keynesian Economists would say during a period of steady growth for 2 years
expansionary policies
no change
contractionary policies
30
Keynesian Economists would argue during inflation you should
contractionary policies
no change
expansionary policies
31
When the GDP is growing the business cycle is in what phase?
Peak
Contraction
Expansion
Trough
32
Social Security and Medicare are paid for from
property taxes
payroll taxes
corporate taxes
income taxes
33
A decrease in the price of movie tickets
An increase in the supply of movies tickets
A decrease in GDP
will increase the number of movie popcorns purchased
decrease in the supply of movies
34
Which of the following countrs as a Business Investment for GDP
money invested in salaries and bonuses
Stock purchases
buying machines
money deposited by workers into banks
35
Which of the following is NOT counted in GDP
Government Scholarships
Social Security being paid out
All of the above
The meat purchased to make burgers
36
70% of America's GDP is composed of?
Household consumption
Exports - imports
Government expenditures
Business investment
37
Sales Taxes Are
progressive
regressive
proportional
flat
38
US has high inflatio and unemployment
maintain current policy
easy money policy
tight money policy
39
If the fed buys bonds they are
decreasing the money supply
Unknown
increasing the money supply
not changing the money supply
40
Which index measures inflation
CPI
PPI
GDP
Unemployment
41
Grocery Items and Energy are included in CPI because`
The goods are both inelastic
they are commonly bought by consumers
the impact unemployment
they are intermediate goods
42
Which of the following counts as Consumption
You buying a house
your social security benefits
the government buying jets
you getting paid
