Introduction to Economics
Supply & Demand
Measuring The Economy
Fiscal & Monetary Policy
Foreign Exchange Rates
100
Someone that can make a product with the lower opportunity cost.
What is comparative advantage?
100
The amount of a good or service offered for sale.
What is supply?
100
The total market value of all goods and services produced within the nations during a specific time period.
What is gross domestic product?
100
A combination of M1, M2 and large time deposits.
What is M3?
100
In order for country's to trade they must.........
What is exchange the currency of the dollar?
200
A fundamental economic problem of having seemingly unlimited human wants in a world of limited resources.
What is Scarcity?
200
An inverse relationship between price and quantity demanded.
What is the law of demand?
200
The market value of all the products and services produced in 1 year by labor and property given by the citizens of that same country.
What is Gross National Product?
200
Increases in supply of money and decreases in interest rates.
What is the impact of buying bonds?
200
When trade deficits automatically correct themselves through the price system.
What is correcting trade deficits?
300
The loss of potential gain from other alternatives when one alternative is chosen.
What is opportunity cost?
300
The quantity demanded equals the quantity supplied.
What is equilibrium?
300
The worst degree of inflation.
What is hyperinflation?
300
It is conducted by congress.
What is Fiscal?
300
When the price of one country's currency is described in terms of another country's currency.
What is Foreign Exchange Rate?
400
An objective and fact based versus a subjective and value based.
What is the difference between positive and negative economics?
400
Substitution effect, income effect and law of diminishing marginal utility are the reasons.
What is the reasons the demand curve is downward sloping?
400
Four types of unemployment.
What is frictional, structural, seasonal and cyclical?
400
It is conducted by federal reserve to manipulate and supply.
What is Monetary?
400
Five scenarios of foreign exchange currency.
What is consumer tastes and preferences, national income, inflation, political and economic stability, and interest rates?
500
A Scottish social philosopher and political economists. Objective was to create an understanding of economics.
What is Adam Smith and his main idea of the book "The Wealth Of Nations" ?
500
Quantity, availability, costs of inputs, and technology are factors.
What is the factors that determine supply?
500
One adjusts inflation while the other one doesn't.
What is the difference between nominal GDP and real GDP?
500
Required reserves, open market operations, and discount rates are an example of ?
What is the three tools of federal reserve?
500
Us dollar appreciate in foreign exchange, imports and exports change in what way.
What is imports increase and exports decrease?
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