Govt In The Economy & Global Trade

when a nation refuses to buy anything from another nation

Which US govt institution is responsible for monetary policy?

when the value of a country's imports is higher than the value of its exports

best description of the fractional reserve banking system

What is the FDIC' s primary role?

exports minus imports = ?

central bank authority or govt controls the supply & availability of $ and the interest rate

Who can work w/the president to enact fiscal policy to combat inflation or reduce unemployment?

What is the fundamental objective of monetary policy?

Which of the following can be a problem caused by global interdependence?

GDP decreases for at least 6 months; a time of economic decline

if our country increased govt spending & cut taxes, this is ___ fiscal policy

an overall increase in the price of goods over time

goods or services made by ppl or businesses in other countries, brought into the US

when a country refuses to buy specific goods from another country

English economist who came up w/idea of fiscal policy during the Great Depression

term that describes the maximum amount of commodities that may b imported

fiscal policy the govt would enact if GDP rises too quickly & inflation gets really high

What will most likely happen due to protective tariffs?

Countries use ___ to decide what goods to specialize in when participating in interntnl trade

when the value of a country's exports is higher than the value of its imports

govt payments for the production of a specific good

Increased taxation & decreased govt spending would be what kind of fiscal policy?

if economy is in a recession, the best fiscal policy to fix this would be :

measure of the size of US economy; total value of all goods & services made in a year

private citizens purchasing goods & services; 1 category of GDP spending

US goods & services sold to other countries