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Final exam - Macro - Savoie online class

Terms in this set (141)

economics
The study of the efficient use of scarce productive resources
Factors of Production
Land, Labor, Capital, Entrepreneur; Money is NOT one of these.
What is another name for economic resources?
factors of production
Which of the following would be the best course of action if the economy is experiencing a recession:
decrease in taxes or increase in government spending
In terms of dollar volume of exports and imports, the most important trading partner for the United States
Canada
market equilibrium
when the quantity demanded is equal to the quantity supplied.
3 Functions of money
store of value
unit of account
medium of exchange
GDP
The monetary value of all final goods and services produced by the United States economy during a year
The phase of the business cycle in which real GDP is at a minimum and unemployment is highest
trough
What percentage of our public debt is held by foreigners?
34%
foreign exchange rate
amount of one nation's currency that can be purchased with a unit of another nation's currency.
major advantage of the built-in or automatic stabilizers
require no legislative action by Congress to be made effective
In the United States monetary policy is the responsibility iof __________
Board of Governors of the Federal Reserve System.
net exports
exports minus imports
Between 1950 and 2014, U.S. real GDP grew at an average annual rate of about_________%
3.1 percent
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