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5 Written questions

5 Matching questions

  1. Velocity of Money
  2. Expenditure Approach
  3. Upward sloping supply curve
  4. Discount Rate
  5. Classical Economist
  1. a Personal consumption expenditures + gross investment + governemnt consumption and gross investment + net exports
  2. b direct positive relationship between the price of a good or service and amount suppliers are willing to produce
  3. c average number of times a dollar is used to purchase final goods and services during a year.
  4. d interest rate the Fed charges banking institutions to borrow funds
  5. e Believe prices are flexible, Economy can correct itself, Soys law: supply curves demand (production matters)

5 Multiple choice questions

  1. Upward sloping, increasing interest rates will cause people to say no to investing.
  2. No short run increase in output, only long run inflation.
  3. -total market value of all final goods and services produced by the citizens of a country
    -counts income that americans earn abroad
    -ignores the income foreigners earn in the U.S.
  4. -Consumers demand more now
    -Producers supply less now
    -People factor inflation into their long term contracts
  5. -discourage work and productivity
    -High tax rates reduce capital formation
    -Encourage people to purchase less desired goods just because they are tax deductible

5 True/False questions

  1. Paradox of thriftasset that will allow people to transfer purchasing power from one period to the next

          

  2. Rational Ignorance effectpercentage of the amount borrowed that must be paid to the lender in addition to the repayment of the principle.

          

  3. Cyclical unemploymentthe sum of all three types of unemployment

          

  4. Structual Unemploymentthe combination of Structual unemployment and frictional unemployment and is not fixed but affected by the structure of labor force and public policy

          

  5. Shifters of Short Run Aggregate Supply-discourage work and productivity
    -High tax rates reduce capital formation
    -Encourage people to purchase less desired goods just because they are tax deductible

          

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