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Worksheetsmicro and macro economics - S3
Total questions: 30
Worksheet time: 17mins
focuses on smaller factors that affect choices made by individuals and companies
Positive Economics
Micro Economics
Macro Economics
Normative Economics
studies how an overall economy—the market systems that operate on a large scale—behaves
Normative Economics
Positive Economics
Micro Economics
Macro Economics
They buy resources and sell products
Households
Businesses
Product Market
Resource market
In a resource market, _______ supply while______ demand.
businesses ; households
businesses;businesses
households; households
households;businesses
In a product market, businesses _____ while households _______.
buy; sell
buy; demand
supply; demand
supply; sell
The price to be paid for the use of land
interest
rent
salary
wage
The price to be paid for the use of labor
Rent
Wage
Salary
Interest
The price to be paid for the use of capital
Wage
Salary
Rent
Interest
The price to be paid for the use of entrepreneurial skills
Salary
Interest
Wage
Rent
A period of high economic activity and high employment is:
A recovery
A recession
A boom
A slowdown
Unemployment occurs when
Someone wants a job but can't find work
Someone is able and willing to work but can't find a job
Someone is able to work but does not have employment
Work provided is not sufficient to meet the needs of workers
The rate of unemployment is
How many people are not in work / Total Population x 100
Total Unemployed/Total population x 100
Total unemployed/Workforce x 100
Total unemployed/ (total employed + total unemployed) x 100
Who is responsible for making fiscal policy decision?
The Department of Commerce
The federal government's overall approach to spending and taxes is called
Physical Policy
Fiscal Policy
The Federal Reserve
Monetary Policy
Monetary policy decisions are made by:
Congress
Senate
The Fed
President
Taxing and Spending are tools of
fiscal policy
monetary policy
What can the government do to slow the economy in order to reduce inflation?
lower taxes
raise taxes
spend more
To help the economy grow, the government can
increase spending
decrease spending
lower the minimum wage
raise taxes
The action by the FED to adjust the size of the money supply, and to adjust interest rates in order to keep prices down and employment high.
fiscal policy
monetary policy
In order to help the economy grow, the FED may____________the reserve requirement, allowing banks to loan more people money so that they spend more
lower
raise
spend more
save more
In order to slow the economy, the FED may____________ the reserve requirements and there will be less money to loan out to people.
increase
decrease
spend more
tax more
The amount that all banks have to keep in the reserve and they can't loan out to people
monetary lending
fiscal spending
reserve requirement
lending policy
The interest rate the FED charges banks to borrow money will be lowered to help the economy grow and raised to slow the economy
reserve requirement
discount rate
bank rate
monetary bank
Fiscal policy deals with what?
How government regulates the amount of money in circulation
Government expenditures in excess of government revenues.
A general, sustained upward movement of prices for goods and services in an economy.
Raising taxes and using the money that's raised
Whose job is it to control the money supply?
The Executive Branch of Government
The Legislative Branch of Government
Federal Reserves
President
