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Economics Unit 5 Flashcards | StudBud
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Economics Unit 5
Economics Unit 5
25 terms
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StudBud Administration
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review for chapters 10, 15, 16
Flashcards
25 cards
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Questions
25
Answers
1
What type of tax does not apply to many higher cost item such as houses?
sales
regressive
proportional
progressive
2
What is money in the form of traveler's checks, demand deposits, checking accounts?
M4
M2
M1
M3
3
When the FED practices easy money policy they ...
raise taxes and cut spending
raise the discount rate
lower the discount rate
cut taxes and increase spending
4
What is another name of a SIN tax?
income tax
sales tax
excise tax
property tax
5
If the smallest unit of money was the $100 bill, which characteristic is NOT met
durability
divisibility
portability
acceptability
6
Government securities are...
government stocks
government stocks and bonds
government bonds
7
Open Market Operations can influence...
all of the above
aggregate demand
the money supply
availability of credit
8
The FOMC stand for...
Federal Open Market Commission
Federal Open Market Committee
Formal Open Monopoly Committee
Focus on Market Challenges
9
What year was the FED created?
1913
1923
1932
1915
10
The Reserve Requirement is...
the percentage of money banks must hold as cash
pyramided reserves
credit that is set aside
the percentage of money banks lend out
11
When money says, "this note is legal tender..." what kind of money is it?
Near money
Fiat money
Commodity money
Representative money
12
Taxation and spending are the two tools of...
Fiscal Policy
Federal Policy
Monetary Policy
Money Policy
13
What is the money supply?
all the money in checking accounts
all the money held by banks
all the money printed
all the money in circulation
14
Who was President when the FED was created?
Hoover
Reagan
Wilson
Roosevelt
15
The FOMC controls the ...
buying and selling government securities
credit
discount rate
taxes
16
Fiscal policy is controlled by
the Federal Reserve
easy money
Congress
restrictive fiscal policy
17
Pyramid reserves
small banks deposit reserves with large banks
cash held by banks
large banks deposit reserves with small banks
18
Supply-side economists believe that the ...
government should take a hands on approach to the economy
government should take a hands off approach to the economy
19
Monetary policy is controlled by
The Federal Reserve
Easy money
Congress
restrictive Fiscal policy
20
The French revolution was caused by this kind of tax structure...
Regressive
Progressive
Proportional
21
What was the major success of the Federal Reserve System in its early years?
all of the above
Provide the government with money and credit to finance WW 1
control credit in the 1930's
stop the financial panic of 1907
22
Characteristic of money: carried from place to place and transferred from person to person
acceptability
divisibility
portability
durability
23
What are the reasons banks might need a loan from the FED?
seasonal factors
financial disaster
natural disaster
all of the above
24
When Congress practices expansionary fiscal policy they ...
sell stocks and bonds
raise taxes and cut government spending
cut taxes and increase government spending
buy stocks and bonds
25
Name the act that made the FDIC permanent
Banking Act of 1933
Federal Reserve Act
Banking Act of 1935
The Gold Reserve Act
