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Economics Flashcards | StudBud
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Economics
Economics
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#economics #consumereconomics #supply #demand #money
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
All economic systems must answer 3 questions because of scarcity. Which is NOT one of them?
How will it be produced?
How much will be imported?
Who will share in what has been produced?
What will be produced?
2
What does the blue line represent?
Demand
Equilibrium
Price
Supply
3
Which part of the business cycle is characterized by high unemployment and declining GDP?
Recession
Expansion
Trough
Peak
4
Which kind of economic system leaves the decision making entirely to the government?
Command
Market
Traditional
Mixed
5
What does GDP measure?
Inflation
The economic output of the U.S.
The deficit
Total wealth of the U.S.
6
Which kind of economic system do most Western nations have?
Market
Traditional
Command
Mixed
7
Who is in charge of controlling fiscal policy in the U.S.?
The Governors
Congress
The people
The Federal Reserve
8
What does the red line represent?
Demand
Price
Supply
Equilibrium
9
What is inflation?
Rise in the value of the dollar
Increasing the money supply
Overall rise in prices
Increasing GDP
10
Which scenario is more likely to be created if prices for a good are decreased?
Equilibrium
Shortage
Surplus
11
Which of these is NOT a goal of The Fed?
Printing money
Stable Prices
Moderate interest rates
Low Unemployment
12
Which of these economic indicators measures inflation?
Debt
Consumer Price Index
GDP
Deficit
13
The total amount of money the federal government owes at one point in time is referred to as...
Balance of trade
Budget Deficit
National Debt
Monetary Policy
14
Term for when the government spends more money than it collects in a year.
Surplus
Taxes
Debt
Deficit
15
Which is an example of a human resource?
Water
Horse
Lumber
Labor
16
What is NOT a job of the Federal Reserve?
Buy and sell bonds
Manipulate interest rates
Write laws
Control monetary policy
17
If the Federal Reserve increases the money supply, what will normally happen to inflation?
Inflation will go down
Nothing, the Fed does not impact inflation
Inflation will go up
18
Which part of the business cycle is characterized by low unemployment and rising GDP?
Trough
Expansion
Recession
Peak
19
Prices in a mixed or market economy are determined by all of these EXCEPT...
Supply
Cost of production
Government
Demand
20
This is the term for where the two lines intersect on the graph.
Price
Surplus
Equilibrium
Shortage
