Con Ed. Ch. 5-7

The Fed attempts to control the money supply to...

Social science that examines how societies use scare resources.

Cost of one currency expressed in terms of another.

Difference between the value of a nations exports and imports.

The practice of spending more money than was received in revenue.

A major economic slowdown.

The benefit principle of taxation says...

Which of the following economic indicators can be used to measure the health of an economy.

Tax on imports

Which of the following statements describes the relationship between exchange rates and trade?

This occurs if a country spends more on imports than it receives for exports.

The percentage of a bank's deposits that it must keep on hand is the...

An accounting of all financial transactions that involve other countries during a particular time period.

According to the Law of Supply....

The ups and downs of the economy.

The branch of economics that focuses on large scale economic systems like nations or the world is...

The central bank of the United States is called the...

Interest rate banks pay to the Fed when they borrow money.

The quantity of a particular good or service that consumers are willing and able to buy at a given price.

According to the Law of Demand...

A required payment to a local, state, or national government.

An estimate of anticipated income and expenses for a certain period of time.

General, prolonged rise in the price of goods and services.

The amount by which spending exceeds revenue.

A measure of the efficiency with which goods and services can be produced.

A product sent to a foreign country for sale.

Organization that is owned by many people but treated by law as a single entity separate from its owners.

A government limit on the quantity or value of a certain imported product.

A product brought in for sale from a foreign country.

Why do nations trade?

Which of the following is a role of the government in the US economy?

The point at which demand equals supply.

Monetary policy refers to...

A tax takes a larger percentage of the income of low-income people than high-income people is...

Government order prohibiting trade.

The quantity of a particular product that producers are able and willing to make available for sale.

Period of significant decline in the economy - short time period.

Which of the following is NOT a purpose of taxation?

A tax where everyone pays the same rate is a...