Economics Final Exam Review - Part 2

Front

Money or other substance generally accepted as payment for goods and services.

Back

Medium of exchange

Front

One of three functions of money allowing people to preserve value for future use.

Back

Store of value

Front

What type of money would this be?

Back

Commodity

Front

The difference between representative money and fiat money is that

Back

representative money is backed by silver or gold; fiat money is not.

Front

What factor of production is exhibited when Sammy Wammy hires 2 college students to prepare and serve the S'mores in the food truck?

Back

Labor

Front

What is an exchange rate?

Back

The price of one nation's currency in terms of another's.

Front

If the U.S increases imports from Singapore, the U.S. dollar will

Back

depreciate and the value of money in Singapore will appreciate

Front

How does the federal government gain most of their revenue?

Back

Individual Income Taxes

Front

All underground economies are illegal.

Back

False

Front

A period of little to no economic growth along with inflation is known as --

Back

stagflation