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1. what is expansionary policy?
A
lower taxes/ increased govt spending, speeds up economy
B
lower taxes/ decreased spending, slows down economy
C
higher taxes/ increased govt spending, speeds up economy
2. what is contractionary policy?
A
lower taxes, increased govt spending, speeds up economy
B
lower taxes/ decreased govt spending, speeds up economy
C
higher taxes/ decreased spending, slows down economy
3. fiat money is the US dollar, British pound, Indian rupee, and the euro, money that is backed by the country government
A
true
B
false
C
4. what are characteristics of money?
A
limited availability and portability
B
durability, made of paper, unlimited availability
C
durability, limited availability, divisibility, portability
5. the federal reserve system is the central banking system of the world
A
true
B
false
C
6. what are the feds 2 goals
A
maximum employment, stable prices
B
limited employment, unstable prices
C
no employment, stable prices
7. what are the feds 3 jobs
A
regulate local banks, make money and employ
B
help with bank transfers, execute monetary policy, regulate local banks
C
regulate every bank, give out loans, make money
8. who is the chair of federal reserve
A
Jerome powell
B
janet yellen
C
Alan Greenspan
9. how can government effect the economy
A
increase & decrease money supply through spending
B
increase & decrease money supply through jobs
C
increase & decrease money supply through taxing and spending
10. what is GDP
A
dollar value of goods and services in the world
B
value of a country
C
dollar value of all final goods and services produced in a country border in a year
11. GDP formula is
A
C+I+G+(X-M)
B
I+G+C+(M-X)
C
G+X+I+(M-G)
12. what is excluded from GDP?
A
intermediate goods, used goods, illegal goods, non market activities
B
non market activities, new goods, legal goods, markets
C
13. what is absolute advantage?
A
ability of an actor to demand less of a good or service than a competitor
B
ability of an actor to supply less good or services
C
ability of an actor to produce more of a good or service than a competitor
14. what is comparative advantage
A
ability of an actor to produce more of a good or service than a competitor
B
ability of an actor to produce a good or service for lower opportunity cost
C
ability of an actor to supply more goods and services
15. commodity money is
A
money thats value comes from a commodity of which is it made
B
paper money
C
anything you want it to be
16. specie money is a commodity metal backing money or currency
A
true
B
false
C