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MicroMacro Review 4 Flashcards | StudBud
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MicroMacro Review 4
MicroMacro Review 4
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1
______________ is what consumers want their currency to be, so they can be confident in economy
Stable in Value
Durable
Scarce
Divisible
2
The main purpose of the Federal Reserve it to ...
Loan money to member banks
Act as a central bank
Prevent the federal government from overspending
End the periodic financial panics
3
Factors of production include which of the following?
Technology products and entrepreneurship
All of the products produced in an economy
Goods and services
Land, labor, and capital
4
Economics is primarily concerned with which of the following?
Use of resources
Future costs of goods
Values and objectives of a society
Methods of production
5
A country may use a(n) ________ on another country to protect certain businesses.
Quota/Tariff
Protection
Embargo
Sanction
6
Any item that is widely accepted for goods/services, allows it to be called?
Near moneys
Store of Value
Unit of Accountin
Medium of Exchange
7
Development of new products, processes, and systems that affect a large population is known as?
Invention
Intervention
Economic growth
Technology
8
Which is a public good provided only by the federal government?
Museums
National Defense
Medicare
Parks
9
In which type of system is Property Privately Owned?
Command
Capitalism
Traditional
Socialism
10
What goods to make, how to make the goods, who gets the stuff are three questions addressed by?
Market economies
Command economies
Mixed economies
All economies
11
What does investment in human capital involve?
Government spending to exploit natural resources
Higher spending on population control measures
Increased spending on education and training
Decrease spending for public schools
12
Which of the following is NOT a factor of long-term economic growth?
Competitive markets
Political stability
Investment in physical and human capital
High taxes
13
When a country has a comparative advantage?
Produce the same amount as another country
Produce a product better than another country
Produce less than another country
Produce more than another country
