Macroeconomics Final Exam Review

An example of a command economy is:

In a Market Economy _____ decides who can afford what

Supply-side economics would be most supported by which US political party?

In the United States, _____ is responsible for deciding on the federal budget

3 basic economic questions include: (3 answers)

In a Command Economy, scarcity is addressed through:

The United States is considered a ______ economy

Money is considered to be all of these EXCEPT:

The ability of an economic actor to produce more goods than another economic actor

If a factor causes Quantity supplied to fall, the curve will move:

Mutual Funds pool money from multiple investors

Which CAN be counted in GDP?

Real GDP

___________ championed Supply-side or "Trickle Down" economics

Demand-side Economics is most supported by which US political party?

Both the IMF and the World Bank were formed near the end of what major war?

Progressive Tax

Level of use/satisfaction a consumer gets from a product

Law of Supply:

____ was used to back up the value of many different country's currency w/ Fixed Exchange Rates

Structural Unemployment

Nominal GDP

Role where The government provides goods and services while also purchasing them

The formula for GDP = C + I + ______ + NX

Which of these is a belief of Supply-Side Economics?

When the value of a country's currency is determined by Supply and Demand

The government of the United States plays all these roles in the economy EXCEPT

The value of a good or service depends on its scarcity and ____________

Economy where goods are traded for one another with the absence of money

If the value of the Rus Buck begins to fall, Rusburgh will start to _______ to help the value

If a country has a Fixed Exchange Rate, the value of its currency constantly changes

The Federal Reserve is mainly responsible for which type of Economic Policy?

Another name for a fixed tax rate

Frictional Unemployment

Role where Gov't enforces rules and convicts those who break the rules

Main form of revenue for the US government

Law of Demand:

Regressive Tax

The ability of any economic actor to produce goods at a lower opportunity cost than other actor

A strong economic stance of the modern Republican party is to _____

Cyclical Unemployment

Items used to produce other goods and services are the factor of production known as

THE basic economic problem

Command Economies are characterized by a surplus of private ownership

Role where Gov't attempts to control the extremes of the economy through monetary policy