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Board of Governors The Fed's activities are controlled by the banks loan out their excess reserves Money creation process takes place when government's change in government spending or taxation Fiscal policy addresses 1970's Stagflation last appeared in the US in the fiscal policy Crowding out is linked with P constant to maintain a stable price level The objective of the Fed's monetary policy, when applied to the exchange equation, is to keep marked decrease in aggregate supply and erratic monetary policy Possible causes of stagflation include reduced the possibility of inflation in the US The global impact of China's participation in the world market has the laws of supply and demand In reality, who actually pays the Social Security taxes is determined by federal income taxes are raised The incentive to work begins to decrease when impacts poor people more than rich people A regressive tax national debt The accumulation of deficits is called the federal; state Some people have to pay a _________ income tax and a __________ income tax. No Is the property tax a major source of revenue for the federal government? F True or False: Buyers have demand for a good or service whenever they have enough money to purchase the item F True or False: Future prices affect the demand for a good, not the supply of a good T True or False: When the supply of a good cannot be moved in response to a difference in price between cities, prices for this good are likely to remain different in these cities T True or False: Price could eliminate freeway congestion during heavy travel times when traffic jams are experienced T True or False: Since minimum wage is a legislated minimum price for labor, set by the government, it could be considered an example of a price floor buyers and sellers meet A market is any place where change in demand A shift in the demand curve represents a all individual demand curves added together Market demand represents No Will a change in the price of a product change the demand for the product? Yes Will a normal good be in higher demand if a person's income increases? Yes With complementary goods, does the demand for one good move in opposite directions as the price of the other good? price ceiling A legal maximum price at which a good can be sold is a T True or False: Seatbelt laws and air bags have unintended consequences land Animals = trade off Opportunity cost is most similar to a the price paid for your selection Opportunity cost can be best described as the cost of going to college Whatever the student would have been doing if not attending college = willing and able to pay Price allocates products to those who are total revenue The amount of money that a business receives from the sale of its production is called 3rd party A negative externality has an adverse effect on a Julian Simon The economist and entrepreneur who created the system of offering overbooked passengers compensation if they would take a later flight was Excludable public goods Businesses prefer to produce what kind of goods? macroeconomics The unemployment rate is a subject of