Macroeconomics Review

What is the main economic problem?

• Scarcity

• Inflation

• Unemployment

• Surpluses

Which one is not a factor of production?

• Land

• Materials

• Labor

• Capital

• Entrepreneurship

List a standard of living:

Which of the following is not a type of unemployment?

• Frictional

• Structural

• Systematic

• Seasonal

Who is included in the labor force?

• Unemployed people

• Institutionalized people

• Children ages 0-15

The point where the supply and demand curves meet is called:

What does inflation do to the "buying power" of money over time?

• Decreases it, making money worth less.

• Increases it, making money worth more.

Who is responsible for implementing monetary policy?

• Each individual state

• Joe Biden

• The Federal Reserve (FED)

• The Government

How many federal reserve banks are there?

• 1

• 50

• 9

• 12

What tools do fiscal policy use to combat economic issues?

• Unemployment insurance

• Taxes and government spending

• Interest rates

• Tariffs