Introductory Economics
Supply and Demand
Measuring the Economy
Fiscal and Monetary Policy
Foreign Exchange Rates
100
The branch of knowledge concerned with the production, consumption, and transfer of wealth.
What is Economics?
100
X and Y axis' on a Supply-Demand graph
What is Price and Quantity?
100
Second hand transactions, non-market transactions, and illegal black market activities are examples of things that are
Not included in GDP
100
Decreasing required reserves and discount rates are an example of...
What is Expansionary Policy?
100
Foreign exchange is bought and sold here.
What is in the Foreign Exchange Market?
200
Scarcity
What is a problem that arises because of unlimited wants but lack of resources?
200
The inverse relationship between price and quantity demanded.
What is the Law of Demand?
200
Caused by workers who are "between jobs"
What is Frictional Unemployment?
200
The aggregate supply curve is...
What is Downward Sloping?
200
System under which the price of one currency is fixed in terms of another so the rate does not change.
What is Fixed Exchange Rates?
300
Studies individual prices, consumption and production.
What is Microeconomics?
300
As a result of people buying peanut butter because it is cheaper than almond butter, the demand for peanut butter goes up. This is an example of what?
What is the Substitution Effect?
300
Consumption, Business Spending, Government Spending, and Net Exports are included in
What is GDP?
300
Fiscal Policy is enacted through changes in...
What is taxation and government spending?
300
If the U.S. dollar appreciates in the foreign exchange market, U.S. imports will most likely...
What is decrease?
400
Something a country has and can be used to increase wealth.
What is Resources?
400
On the demand curve, ceteris paribus, as price falls,
Quantity demanded rises?
400
Measures the overall production of goods and services within and outside of United States Territory
What is GNP?
400
This form of economics states the economy is self-sustaining
What is Classical economics?
400
If a nation's currency appreciates, aggregate demand will most likely what?
What is Increase?
500
The main idea of Adam Smith's "Wealth of Nations"
A nations wealth should be based on production and commerce?
500
People demand more of a product X when the price of product Y decreases. This means X and Y are
What is Complements?
500
If government spending increases by $100, and taxes also increase by $100, this is an example of what type of multiplier?
What is Balanced Budget Multiplier?
500
When supply goes up, the value of the dollar will...
What is depreciate?
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