Fiscal Policy
Who is responsible for fiscal policy?
The President / Congress
Who is responsible for monetary policy?
The FED (Federal Reserve)
Name one TYPE of money...
Commodity (type), Representative (paper representation), Fiat (declared to have worth).
Creative work belonging or available to the public, as no exclusive intellectual property rights apply.
Public Domain
When a particular individual / country can produce more of a specific commodity than others using the same amount of resources.
Absolute Advantage
Fiscal policy focuses on...
Government Spending / Tax
Monetary policy focuses on...
The state of the economy. / Interest Rates
Name one FUNCTION of money...
Medium of Exchange (barter), Standard of Value (exchange), Store of Value (time).
Certain excerpts of copyrighted material may be used for criticism, news reporting, teaching, research, or other purposes.
Fair Use
When a particular individual / country can produce a specific commodity at a lower opportunity cost than others.
Comparative Advantage
A majority of defense spending would fall under which of these two types of spending?
Discretionary Spending
Saving money over time is possible because of this function of money.
Store of Value
The exclusive right given to an originator to print, publish, record, etc. their intellectual property and to authorize others to do the same.
Copyright
Mario can make 15 Spaghetti Plates and 25 Ravioli Plates while Luigi can make 10 Spaghetti Plates and 20 Ravioli Plates. Who has the absolute advantage in making Ravioli Plates?
Mario (25 > 20)
What is one item that you would pay an excise tax on?
Fuel, Alcohol, Tobacco, Flights
Ziggi's Coffee only accepts cash as payment. Which function of money is this?
Medium of Exchange
Tyson uses a portion of Carter's song in his own song. This would be an infringement on Carter's _______ if permission was not obtained.
Copyright
Mario can make 15 Spaghetti Plates and 25 Ravioli Plates while Luigi can make 10 Spaghetti Plates and 20 Ravioli Plates. Who has the comparative advantage in making Ravioli Plates?
Luigi (1/2 or .5 < 3/5 or .6)
This is a tax rate that increases as the taxable amount increases.
Progressive
Superman was first published in 1939. In the U.S., written material like this is protected for 95 years. When will the original Superman lose its copyright and enter public domain in the U.S.?
2034
Johnny can produce 4 oranges and 16 apples while Delaney can produce 6 oranges and 12 apples. What is the opportunity cost for Johnny producing apples? Answer in a complete sentence.
By producing apples, Johnny loses 1/4 (.25) of an orange for every 1 apple.