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Introductory Economics
Supply and Demand
Measuring the Economy
Fiscal and Monetary Policy
Foreign Exchange Rates
100
the cost of an alternative that must be given up in order to pursue a certain action.
What is opportunity cost?
100
When there is an inverse relationship between price and quantity demanded
What is law of demand?
100
Major role of the Federal Reserve
What is regulate money supply?
100
Economic theories that advocate using government spending programs to increase employment.
What is Keynesian economics?
100
high _______ _____ are better
What is interest rates?
200
the ability of a group to sell products more efficiently than another group
What is comparative advantage?
200
Any arrangements that brings buyers and sellers together to conduct business
What is Markets?
200
A sustained increase in the general level of prices for goods and services
What is inflation?
200
a combination of M1, M2 and large time deposits
What is M3?
200
An increase in the value of an asset over time
What is appreciation?
300
A moral philosopher and author of "The Wealth of Nations"
Who is Adam Smith?
300
Higher taxes will shift a supply curve in a certain direction
What is inward?
300
the total value of the goods and services produced by the people of a nation during a year.
What is Gross national product?
300
Buying/selling bonds
What is Open Market Operation?
300
Flexible exchange rate is a system that relies on ______ __ _______ to determine the value of a currency in terms of a different currency
What is supply and demand?
400
policy that allows businesses to operate with very little government interference
What is Laissez-faire?
400
Number of consumers, price of related goods and incime
What is demand shifters?
400
Second hand sales, non-market transactions, financial assets and public transfer payments
What is excluded in GDP?
400
The interest rate charged to commercial banks and other depository institutions for loans received from the Federal Reserve Bank’s discount window
What is Discount Rate?
400
the price of one currency is fixed in terms of another so the rate does not change
What is Fixed exchange rate?
500
an economy in which decisions regarding investment, production, and distribution are based on supply and demand
What is Market Economy?
500
change in total utility obtained by consuming one more unit of a good.
What is diminishing marginal utility?
500
Indicate the maximum amount of checkable-deposit money that can be created by a single dollar of excess reserves
What is monetary multiplier?
500
A type of policy that is used as a macroeconomic tool by the country's central bank or finance ministry to slow down an economy.
What is Contractionary Monetary Policy?
500
Inflation, Tastes and preferences, Interest Rates, and Income levels of an economy
What is Foreign Exchange graph shifters?