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5 Written questions

5 Matching questions

  1. Classical Economist
  2. Downward sloping demand curve
  3. What open market operation decreases the money supply?
  4. Lower price level:
  5. Medium of Exchange
  1. a -inverse relationship (negative) between the price of a good and the quantity that buyers are willing to purchase
  2. b Believe prices are flexible, Economy can correct itself, Soys law: supply curves demand (production matters)
  3. c When the fed sells bonds.
  4. d -increase the purchasing power of money
    -Leads to a lower real interest rate, which increases consumption and investment
    -make domestically produced goods less expensive relative to foreign goods
  5. e Money used to buy goods and services
    -fiat money: money that has no intrinsic value
    -More efficient to use money

5 Multiple choice questions

  1. shift in monetary policy designed to stimulate aggregate demand.
  2. average number of times a dollar is used to purchase final goods and services during a year.
  3. amount of money in the economy, determined by the Fed. It is vertical because it is determined by Fed policy and does not depend on the interest rate.
  4. direct positive relationship between the price of a good or service and amount suppliers are willing to produce
  5. the combination of Structual unemployment and frictional unemployment and is not fixed but affected by the structure of labor force and public policy

5 True/False questions

  1. GDPonly counts goods and services produced within the geographic borders of a country
    -does not count transfers (welfare, gifts of money)

          

  2. Employed personpercentage of people in the labor force who are unemployed

          

  3. Loanable funds market (Demand)percentage of the amount borrowed that must be paid to the lender in addition to the repayment of the principle.

          

  4. GNP (gross national product)-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.

          

  5. Transfer Paymentsthe combination of Structual unemployment and frictional unemployment and is not fixed but affected by the structure of labor force and public policy