Macro Policy
The organization that dictates fiscal policy in the United States.
What is the US government legislative and executive branch? Just "Government" is not specific enough
Congress is an acceptable answer
A significant, widespread, prolonged downturn in economic activity.
What is an economic recession?
The massive-scale economic downturn lasting from 1929 to 1941.
A concept referring to consumer's desire to purchase goods and services, as well as their willingness to pay for a specific good/service.
What is Demand?
What the two curves represent on a simple economic graph.
What are Supply & Demand?
The organization which determines the monetary policy of the United States.
What is The Federal Reserve?
When a currency falls in value compared to other currencies. Usually as a result of inflation, interest rate differentials, or instability.
What is Currency Depreciation?
The year associated with the subprime mortgage crisis in the US.
What is 2008?
The loss of potential benefit from the next best alternative when one option is chosen.
What is Opportunity Cost?
German-born philosopher and economist who wrote the communist manifesto.
Who is Karl Marx?
A monetary or fiscal policy that aims to boost aggregate demand and stimulate economic growth, potentially at the risk of inflation. "Easy Money Policy"
What is Expansionary monetary/fiscal policy?
A rapid, excessive, and out of control devaluing of a nation's currency.
The event of a major European country leaving the European Union officially in 2020, after a general election.
What is Brexit?
A monetary measure of the market value of all final goods produced by a country in a certain time period.
What is Gross Domestic Product (GDP)?
The inflation goal (ideal percentage), set by the Federal Reserve.
What is 2%?
A form of policy that aims to slow down economic growth, with the goal of lowering and controlling the inflation rate.
What is contractionary monetary/fiscal policy?
The portion of a country's international trade that is calculated in their GDP. The amount of money a nation makes from trade.
An international organization formed in 1960 to fix the price of oil and benefit the world's largest producers.
What is OPEC?
The concept describing the issue of having limited resources, and theoretically unlimited human wants and needs.
What is Scarcity?
Who is Jerome Powell?
A monetary strategy used by the Federal Reserve in which the central bank purchases securities (bonds) in order to lower the interest rate, increasing the money supply and driving more lending.
What is Quantitative Easing?
When a nation can produce a certain good or service at a lower opportunity cost than any other nation.
What is Comparative Advantage?
An economic system of trade spanning from the 16th to the 18th century based on the idea that a nations wealth and power are increased by increasing exports & trade.
A term describing a side effect or consequence of an activity on an uninvolved third party which is not reflected in the cost of goods or services involved.
What is an Externality?
The methods of calculating the inflation rate, name at least 1.
What are GDP Deflator and Consumer Price Index (CPI)?