Semester Review

Front

In Fiscal policy, the national debt is the

Back

sum of past deficits and surpluses.

Front

Monetary policy in the United States is directed by

Back

the Federal Reserve

Front

Crony capitalism refers to the buying and selling of monopoly privileges.

Back

buying and selling of monopoly privileges.

Front

An entrepreneur acts like a scientist by

Back

developing theories, constructing hypotheses, conducting experiments.

Front

Inflation refers to a

Back

sustained increase in the prices of all goods.

Front

A person with a credit score of 400 will likely

Back

Get a loan with high interest rates.

Front

Which of the following is NOT a factor of production: Land, Labor, Capitol, Capital?

Back

Capitol

Front

Unemployed workers are

Back

Individuals actively seeking work but unable to find employment.

Front

Fractional reserve banking refers to a process in which a bank

Back

creates money.

Front

One way that pecuniary externalities differ from negative externalities is that they

Back

encourage efficient use of resources.