ECON EXAM 1 STUDY

According to the article in the Argonaut on inflation (quoting your instructor), the recent causes of inflation in the U.S. are:

A: The FED (central bank) has created too much money and the monetary base is too high.

B: The FED (central bank) has kept interest rates too low.

C: The federal government has spent about $5.2 trillion in stimulus-related spending.

D: all of the answers are correct.

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According to the article in the Argonaut on inflation (quoting your instructor), the recent causes of inflation in the U.S. are:

A: The FED (central bank) has created too much money and the monetary base is too high.

B: The FED (central bank) has kept interest rates too low.

C: The federal government has spent about $5.2 trillion in stimulus-related spending.

D: all of the answers are correct.

all of the answers are correct.

The inability of the government and government agencies to efficiently allocate resources is called (Lesson 2):

A: federalism.

B: market failure.

C: government failure.

D: communism.

government failure.

The economic school of thought that emphasizes the role of market failure in today's economic problems is called the ___________ school (Lesson 2)

A: Conservative

B: Keynesian.

C: Classical

D: Federalist

The political party that emphasizes the role of market failure in today's economic problems is called the ___________ Party (Lesson 2)

A: Conservative

B: Democratic

C: Federalist

D: Republican

According to the Planet Money Podcast and the Environmental Protection agency (EPA), the value of a statistical life is about:

A: $20.5 million

B: $9.5 million-$10 million

C: $1.5 million-$2.5 million

D: $950 million

$9.5 million-$10 million

In the Inside Job video, Frederic Mishkin wrote a paper promoting the stability of the financial system of:

A: Iceland.

B: Norway.

C: France.

D: Greece.

Excluding the COVID-19 recession, the 2007-2009 recession

A: was not as severe as the 1980-82 recession.

B: was mild by historical standards.

C: was worst than the Great Depression 1929-1933.

D: was the worst recession since 1937-1938 recession.

was the worst recession since 1937-1938 recession.

According to Nerdwallet, the capitalization of the top 100 cryptocurrencies has ________________ from November 7, 2021, to July 24, 2022.

A: fallen 62%

B: fallen 10%

C: increased 62%

D: stayed about the same.

According to the Economic Impact of Vandal Athletics, presented in class,, each permanently filled seat at the UI, creates:

A: 0.70 jobs and $50,000 in output.

B: 10 jobs and $300,000 in output.

C: 0.10 jobs and $10,000 in output.

D: No jobs as they are unrelated.

0.70 jobs and $50,000 in output.

In the Inside Job video, the collapse of which financial firm triggered the financial crisis?

A: Lehman Brothers.

B: Bear Stearns.

C: Washington Mutual.

D: Enron

Lehman Brothers.