Intro to Econ Final #3

When prices increases, quantity supplied decreases

High taxes on businesses can decrease supply/production

Newman is a mail carrier for the post office

Your grandma cashes her Social Security check

The opportunity cost of working at a job after school is losing time you can spend with friends

When prices increase, quantity demanded decreases

A barber's income from cutting hair

Which of the following is a characteristic of money?

When the Fed decreases the money supply to fight inflation

When the Fed increases the money supply

Kayla makes $60,000 per year. She receives 30 paychecks. What is the value of each paycheck?

The Federal Reserve's control of the money supply is called

Each of Kayla's paychecks is $2,000. 1% goes to her 401(K) retirement plan. How much?

Each of Kayla's paychecks is $2,000. She pays 10% to Federal income tax. How much is that?

What is the phase of the business cycle in which GDP is at its highest amount and there is a risk of inflation

Which of the following is a short-term loan that is paid back with what you owe plus interest?

What was established to protect the savings of the American people (in case the bank collapsed)?

Your grandma spends her Social Security check on Call of Duty video games

Kramer was fired from his job. He is not looking for work

The basic economic problem facing all societies is wealth inequality

Gary works 10 hours a week (part time) at a restaurant

What best describes what is included in the GDP?

What is the phase of the business cycle when GDP grows and unemployment decreases?

Quinn loses his job as a Wal-Mart greeter. He cannot find work and becomes too depressed to continue applying for jobs

Dwight quit his job at Dunder Mifflin. He applies for jobs at several other paper companies

A factory worker who loses his/her job to a robot

A college graduate looking for his first job

Which of the following is function of money?

A sales clerk is laid off during a recession

Transferring risk onto another party is called

Norm is in jail

New technological innovations can lead to economic growth (PPC shifts outward)

Each of Kayla's paychecks is $2,000. She pays 6.2% to Social Security. How much?

The labor force includes employed and unemployed people

Each of Kayla's paychecks is $2000. State income tax is 5%. How much does she pay to the state?

What is the phase of the business cycle in which GDP begins to decline and unemployment rises?

The use of government spending and taxing to influence economic activity is called

When the price of a product changes, this causes movement on the supply or demand curves

A construction worker who is unemployed during the winter

The US money supply is

America wants to be a command economy

A company's purchase of a used truck

Efficient production is shown by a point outside the production possibilities curve