Economics Flashcard

Front

Real GDP per capita is found by

Back

dividing real GDP by population

Front

Which of the following is an asset to a bank: deposits, loans, credit, reserves?

Back

loans

Front

Paper dollars
Options:
are fiat money and gold coins are commodity money.
are commodity money and gold coins are fiat money.
and gold coins are both commodity monies.

Back

are fiat money and gold coins are commodity money.

Front

The inflation experienced in the US during the late 1960s as a result of the spending on the Vietnam War is an example of

Back

demand-pull inflation

Front

When we want to measure and record economic value, we use money as the

Back

unit of account

Front

Which of the following is a measure of economic growth that is most useful for comparing living standards? Options: have no impact on the equilibrium price and quantity, an increase in the quantity of money demanded, increases in real GDP per capita, the value of its liabilities plus net worth

Back

increases in real GDP per capita

Front

What is the growth rate of real GDP per capita in 2014 if a nation's real GDP was 250 billion in 2013 and 265 billion in 2014, with a population of 122 million in 2013 and 125 million in 2014?

Back

3.46%

Front

In 2004, Jamal lost his job as a shipbuilder. His shipbuilder never reopened, and his very specialized skills as a shipbuilder were no longer in demand. Jamal's unemployment is best classified as

Back

structural

Front

A decrease in the demand for a good generally implies that

Back

the demand curve for the good has shifted to the left

Front

According to the law of demand, as the price of a good rises

Back

buyers purchase less of the good because their real income decreases with an increase in price