Economics

"The Fed" refers to the....

• Federal Bureau of Investigation
• Federal Government
• Federal Reserve System
• Federal Income Tax

Which part of the Fed decides when to raise or lower interest rates?

• Board of Governors
• Advisory Committee
• Chairman
• Federal Open Market Committee

Influencing the economy by changing the reserve requirement is called:

• Fiscal policy
• Monetary policy
• Tight Money
• Easy Money

What does Inflation do to the value of money?

• Makes it go up.
• Makes it go down.
• Makes it stay the same.

Does increasing the money supply cause inflation or deflation?

• Inflation
• Deflation

What is the gold standard?

• one unit of currency is equal to a set amount of gold
• the level by which gold is judged
• the use of gold as a medium of exchange
• the idea that gold can buy everything

The American Dollar bill is an example of

• Commodity Currency
• Representative Currency
• Fiat Currency
• Public Currency

When the supply of a product or service goes up and the demand stays the same the Price will typically do what? 

• rise
• fall
• stay the same
• Consumer

When the demand for a product or service is higher than the supply this causes what?

• shortage
• consumer
• surplus
• equilibrium

a person or company that makes, grows, or supplies goods to sell is called the?

• damand
• price
• producer
• shortage