MACRO
The Great Depression lasted a decade; the Great one of these just 18 months December 2007 to June 2009
A Recession
It tells us the quantity of a good that is desired at a given price
Law of Demand
How many regional branches does the Federal Reserve have?
12
What is the current unemployment rate?
a. 3.7% b.7.9% c.15% d.20%
B. 7.9%
To which country does the United States export the most goods?
Canada
For price stability & maximum employment the Fed aims to keep this figure at 2% over time
Inflation
He is often considered the father of modern economics
Adam Smith
What type of risk is a sudden demand for liquid funds
Liquidity Risk
What was the highest unemployment rate the economy experienced during the COVID-19 crisis so far?
a. 20% b. 30% c.15% d.10%
C. 15%
Which two Central American countries use the U.S. dollar as their official currency?
Panama and El Salvador
In early 2013 there were about 900000 discouraged workers among us those who've stopped doing this
Looking for work
An assumption stated in Latin phrase that allows for one variable to studied or measured
Ceteris Paribus
An open market purchase does what to monetary base?
Increases
The CARES Act provided for an extra _________weekly payment on top of any other unemployment compensations through July 31st.
a.$200 b.$400 c. $600 d. $800 e. 0
C. $600
This infrastructure development project builds trade routes in Asia, Africa, Europe, the Middle East, and Latin America
the Belt and Road Initiative
In 1990 about two-thirds of Americans over 65 relied on this for over half their income
Social Security
This field of economics says that humans lack self-control and are driven by emotions which make them incapable of making rational decisions
Behavioral economics
Who sets the target federal funds rate?
Federal Open Market Committee (FOMC)
US employers shed nearly _______million positions from payrolls due to the COVID-19 crisis.
a. 0.3 b. 3 c. 30 d. 100
C. 30
What are the top three reserve currencies in the world?
U.S. Dollar, Euro, and Japanese Yen
It represents one-seventh of the U.S. economy; President Clinton tried to reform it in his first term
Healthcare
The calculus equivalent is the inflection point
The point of diminishing returns
What is the interest rate charged by the Fed on its loans to banks called?
Discount rate
How does the unemployment rate typically change during holiday seasons?
a. Increases b. decreases c.doesn’t change d. doubles
B. Decrease
With which country does the United States have the biggest trade surplus in goods?
The Netherlands