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Econ Exam 2
Modules 5, 6, & 2
| Question | Answer |
|---|---|
| Money that people can gain access to easily and immediately to pay for goods and services | M1 |
| Currency in circulation plus savings accounts and non-interest bearing deposits | M2 |
| Who is the current chairperson of the Federal Reserve? | Janet Yellen |
| How many districts banks are in the Federal Reserve System? | 12 |
| What terms refers to the dollar value of final goods and services produced within a country's borders within a given year? | Gross Domestic Product |
| What formula is used to calculate GDP? | C+I+G+X |
| For how long must GDP fall for the economy to be considered in a recession? | 6 months |
| Total amount of goods and services available at all possible price levels | Aggregate Supply |
| Function of money that states money is used for exchange of goods and services | Medium of exchange |
| Function of money that states money is used as a yardstick for comparing the value of goods in relation to one another | Unit of accounting |
| Function of money that states money is used to store purchasing power for later use | Store of value |
| What graph illustrates income distribution? | Lorenz Curve |
| Which statistics measures the changes in prices over time? | Consumer price index |
| If a company increases prices because of an increase in the price of a input, what theory of inflation is represented? | Cost-push |
| Theory that prices rise as the result of excessive demand | Demand-pull |
| At what unemployment rate is the economy considered at full employment? | 5% |
| What happens to the unemployment rate during a recession? | It increases |
| The idea that consumers ultimately determine what is produced in a market economy | consumer sovereignty |
| What is the reward or positive incentive for entrepreneurs to start businesses? | Profit |
| Financial market channel fund from... | savers to investors |
| Many critics of a minimum wage increase claim... | Jobs will be lost |
| Economic rule that states that the additional satisfaction people get from consuming one more unit of a product will lessen with each additional unit... | Law of diminishing marginal return |
| The willingness and ability of producers to a produce a good | supply |
| The willingness and ability of a consumer to buy a good | demand |
| As prices increase, quantity demanded decreases | Law of demand |
| As prices increase, quantity supplied increases | Law of supply |
| How does an increase in consumer population affect the demand for most products? | Demand increases |
| Two goods that statisfy similar wants or needs are called... | Substitutions goods |
| What kind of table lists the quantities of a good that a consumer will buy at different prices? | Demand schedule |
| What is a good example of a complementary good? | Bicycle and Bicycle helmet |
| If the price of salsa rises, what will most likely happen to the demand for tortilla chips? | Demand decreases |
| Which of the following most likely has inelastic demand? | Medicine |
| Minimum wage laws are an example of... | Price floor |
| Taxes on the production of candy bars increases, how is supply affected? | Supply decreases |
| How does introduction of new technology in the production process typically affect supply? | Supply Increases |
Created by:
daniel.owen
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