GDP and Inflation
Fiscal Policy
Classical or Keynesian?
Monetary Policy
Global Trade
100
GDP stands for this.
Gross Domestic Product
100
Who is in control of Fiscal Policies?
Government (Legislative and Executive Branch)
100
Classical or Keynesian: Bigger role of government in economy.
Keynesian Economics
100
Who is in control of Monetary Policy?
The Federal Reserve (The Fed)
100
This is a good that is produced in your country and sold to a foreign country.
Export Good
200
Name 1 factor that causes inflation
Rising Production Costs
Strong Consumer Demand
200
Supply-Side or Demand-Side: Policies to increase consumer demand, or spending, for goods and services.
Demand-Side
200
Classical or Keynesian: This type of economic theory believes that saving your money is GOOD for the economy.
Classical
200
This type of Monetary Policy is when the Fed expands money supply and interest rates fall.
Easy Money Policy
200
In this graph, which country has the absolute advantage in iron ore production?
Country B
300
This is what happens when the total value of country’s exports exceeds country’s imports
Trade Surplus
300
Supply-Side or Demand-Side: These policies stimulate economy by lowering tax rates for businesses.
Supply-Side
300
Classical or Keynesian: This theory supports laissez-faire economics.
Classical
300
Name one example when the United States Federal Reserve put many monetary policies in place.
Gold Standard or COVID
300
A country has this when they can produce a given product more efficiently than another country.
Absolute Advantage
400
Name 2 types of goods or services that are not calculated in the country's GDP.
Goods produced outside of country, illegal goods or services, unpaid services, used goods, intermediate goods.
400
This real life Fiscal Policy is when your tax rate increases with your income.
Progressive Income Tax
400
Classical or Keynesian: The economic theory believes that the market with self-regulate.
Classical
400
During COVID, what was the Federal Reserves answer to a declining US economy?
Cut interest rates
400
When a country can produce a product at a lower opportunity cost it has this.
Comparative Advantage
500
To calculate inflation and to see how prices are measured, what tool do economists use?
Consumer Price Index (FRED)
500
Which US President had his own Fiscal Economic Policy?
Ronald Reagan
500
Classical or Keynesian: These policies were used to fix the Financial Crisis of 2008.
Keynesian Economic Policies
500
What are the three goals of Monetary Policy?
Price Stability, Full Employment, and Economic Growth
500
FINAL JEOPARDY:
What good does the United States specialize in?
Crude Oil