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ECON 1 test 4 Test

Enter the letter for the matching Definition
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1.
Tax Base
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2.
Open Market Sale
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3.
Discount Rate
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4.
Monetary Policy
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5.
Automatic Fiscal Policy
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6.
Reserves
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7.
Balanced Budget
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8.
Budget Deficit
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9.
Required Reserves
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10.
Discretionary Fiscal Policy
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11.
Federal Open Market Committee (FOMC)
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12.
M2
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13.
Contractionary Fiscal Policy
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14.
Efficiency Wage Models
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15.
Crowding Out
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16.
Savings Deposit
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17.
Incomplete Crowding Out
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18.
S Treasury Securities
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19.
Federal Funds Market
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20.
Federal Funds Target Rate
A.
M1 plus savings deposits (inc money market deposit accounts) plus small-denomination time deposits plus money market mutual funds (retail)
B.
the decrease in private expenditures that occurs as a consequence of increased gov’t spending or the financing needs of a budget deficit
C.
deliberate changes of gov’t expenditures and/or taxes to achieve economic goals
D.
gov’t expenditures equal to tax revenues
E.
the interest rate the Fed charges depository institutions that borrow reserves from it; the interest rate charged on a discount loan
F.
the minimum dollar amount of reserves a bank must hold against its checkable deposits, as mandated by the Fed
G.
the decrease in one or more components of private spending that only partially offsets the increase in gov’t spending
H.
the selling of gov’t securities by the Fed
I.
in terms of income taxes, the total amount of taxable income
J.
the 12-member policy-making group in the Fed; this committee has the authority to conduct open market operations
K.
gov’t expenditures greater than tax revenues
L.
the interest rate that the Fed wants the federal funds market rate to be
M.
changes in gov’t expenditures and/or taxes that occur automatically w/o (additional) congressional action
N.
changes in the money supply or in the rate of change of the money supply, intended to achieve stated macroeconomic goals
O.
a market where banks lend reserves to one another, usually for short periods
P.
the sum of bank deposits at the Fed and vault cash
Q.
these models hold it is sometimes in the best interest of business firms to pay their employees higher-than-equilibrium wage rates
R.
an interest-earning account at a commercial bank or thrift institution; normally, checks can’t be written on savings deposits, and the funds in a savings deposit can be withdrawn at any time w/o penalty payment
S.
bonds and bond-like securities issued by the US Treasure when it borrows
T.
decreases in gov’t expenditures and/or increases in taxes to achieve economic goals
Type the Term that corresponds to the displayed Definition.
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21.
changes in gov’t expenditures and/or taxes to achieve economic goals, such as low unemployment, stable prices, and economic growth
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22.
the Fed rule that specifies the amount of reserves a bank must hold to back up deposits
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23.
exchanging of goods and services for other goods and services w/o the use of money
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24.
anything that is generally acceptable in exchange for goods and services; a function of money
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25.
the total amount that the federal gov’t owes its creditors
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26.
an interest-earning deposit w/ a specified maturity date; these deposits are subject to penalties for early withdrawal (withdrawal before maturity date); small-denomination time deposits are less than $100,000
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27.
the buying and selling of gov’t securities by the Fed
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28.
the # that is multiplied by the change in autonomous spending to obtain the overall change in total spending; multiplier (m) = 1/(1-MPC)
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29.
anything of value that is owned or that one has claim to
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30.
an income tax system in which a person’s tax rate is the same regardless of taxable income

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