Unit 3 Macroeconomics

What is inflation?

• rise in all goods purchased

• when prices stagnate

• decrease in prices

• rise in general prices

When inflation is high the _______________of the dollar decreases

• cost value

• importance

• purchasing power

• validity

What is GDP?

• Gross Domestic Product

• Gross Department Power

• Get Duties Prior

• Gross Duties Peer

Taxing & spending to help the economy grow is referred to as

• expansionary policy

• contractionary policy

• monetary policy

• budget deficit

Taxing & spending to slow the economy is referred to as 

• budget surplus 

• monetary policy

• contractionary policy

• budget deficit

The federal government's overall approach to spending and taxes is called

• Physical Policy

• Fiscal Policy

• Money

• Monetary Policy

"The Fed" refers to the....

• Federal Bureau of Investigation

• Federal Government

• Federal Reserve System

• Federal Income Tax

Who is in charge of Monetary Policy

• The Government

• The Federal Reserve System

• The states

• The Department of the Treasury

Inflation is measured by...

• Consumer Price Index (CPI).

• Gross National Product (GNP).

• Gross Domestic Product (GDP).

• Securities & Exchange Commission (SEC)

This is a tax on imports that is used to increase price of foreign products and raise government revenue. 

• tariff

• quota

• subsidy

• embargo