Unemployment
Business Cycle
Macro Terms
Monetary Policy
Fiscal Policy and Inflation
GDP
Macro Graphs
Miscellaneous
Miscellaneous
Fundamentals Review
100
Farmer Joe is unemployed during the summer because he cannot grow his crops.
What is seasonal unemployment?
100
The point on a business cycle graph where economic decline stops is...
What is a trough?
100
Social and economic goal aimed at increasing the production of goods and services over time
What is Economic Growth?
100
The organization in charge of monetary policy or regulating the money supply.
What is the Federal Reserve?
100
Two tools of fiscal policy
Taxation and spending
100
Largest part of GDP which includes places like retail stores.
Consumer Spending
100
Aggregate Demand is decreasing.
100
Physical capital, natural resources, human resources, and entrepreneurship are also known as . . .
factors of production
100
You can choose between going to Disney World or Universal Studios. You choose Universal Studios. In this case, Disney World is the.....
Opportunity cost
200
When the economy enters a recession and you are laid off.
What is cyclical unemployment?
200
The point on a business cycle graph where economic growth stops is...
What is a peak?
200
Social and economic goal aimed at limiting inflation to keep prices steady
What is price stability?
200
Monetary policy tool that forbids banks from loaning out a percentage of their money.
What is Reserve Requirement?
200
When the Federal government spends more money than it has, this causes a....
What is a budget deficit?
200
GDP adjusted for inflation
real GDP
200
Aggregate Supply is decreasing.
200
When you add consumer, government, and investment spending with net exports you get....
GDP
200
This happens when the federal government spends more than it takes in revenue (taxes).
Deficit Spending
300
Your company is bought out by a large corporation and you are let go.
What is structural unemployment?
300
The point on a business cycle graph where real GDP and employment increase is...
What is a recovery/expansion?
300
Social and Economic Goal aimed at keeping the unemployment rate as low as possible.
Full Employment
300
Monetary policy tool where banks are paid for not lending money.
What are interest payments on reserves.
300
When the government receives more in taxes than it spends, this causes a...
What is a budget surplus?
300
Part of GDP that involves Federal, State, and local branches spending money
Government spending
300
Aggregate Supply is increasing.
300
The point on a graph where aggregate supply and demand meet is...
Equilibrium
300
When unlimited wants exceed limited productive resources.
Scarcity.
400
You've decided to leave your current job in Sacramento to attend college in New York City, and do not have a job lined up.
What is frictional unemployment?
400
The point on a business cycle where real GDP decreases and unemployment increases would be....
What is a contraction?
400
The total consumption of goods and services within an entire country which is also represented on a graph is...
What is Aggregate Demand?
400
Monetary policy tool where the Fed charges interest for banks borrowing from it.
Discount Rate
400
People who lose from unanticipated inflation?
Who are lenders?
400
Part of GDP where businesses spend on productive resources
Investment spending
400
Aggregate Demand is increasing.
400
An organization that is made of three branches: the Federal Open Market Committee, Board of Governors, and the District Banks
Federal Reserve
400
Households, Firms, Government and the exchanges among them are seen in what graphic?
Circular Flow of Economic Activity Diagram
500
The economy enters a contractionary phase within the economy and workers are being laid off.
What is cyclical unemployment?
500
What do you call a downturn or bad time in the economy?
What is a recession or depression?
500
The total production of goods and services within a country also represented on a graph is...
Aggregate Supply
500
Monetary Policy tool where bonds are bought from or sold to the public.
Open Market Operations
500
People who gain from unanticipated inflation?
Borrowers
500
Part of GDP that involves international trade
net exports
500
Aggregate Demand and Supply are increasing.
500
The policies used by the Federal Reserve and the government are...
Monetary and fiscal policies
500
Surpluses and shortages are caused by these two methods of price control....
Price floor and ceiling.
500
When moving from C to A, what is your tradeoff?
Sacrifice 5,000 trucks, gain 5,000 boats