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WorksheetsIntro to Economics Final Exam Study Guide
Total questions: 58
Worksheet time: 40mins
What do the four gross domestic products stand for
C=
I=
G=
Nx=
(a)
Smartphones made in China and purchased in the USA
Included in GDP (C)
Included in GDP (I)
Included in GDP (G)
Included in GDP (NX)
Excluded from GDP
In contractionary fiscal policy, the government ___ either increases tax rates, decreases spending, or both.
increases trade
stops spending
increases spending
taxes more than it spends
.
What does M V= P Y stand for?
real GDP, money supply, price, velocity
velocity, price, real GDP, money supply
money supply, velocity, price, real GDP
price, money supply, real GDP, velocity
Soda purchased in the MUHS cafeteria
Included in GDP (C)
Included in GDP (I)
Included in GDP (G)
Included in GDP (NX)
Excluded from GDP
Which type of inflation is described as worrisome and costly?
Select one:
high and steady
low and steady
low and volatile
high and volatile
An idea for a future business
Included in GDP (C)
Included in GDP (I)
Included in GDP (G)
Included in GDP (NX)
Excluded from GDP
Home purchased by one family from another
Included in GDP (C)
Included in GDP (I)
Included in GDP (G)
Included in GDP (NX)
Excluded from GDP
If the government performs expansionary fiscal policy, which curve shifts and in what direction?
Select one:
The aggregate demand curve shifts right.
The aggregate supply curve shifts left.
The aggregate demand curve shifts left
The aggregate supply curve shifts right.
What is the unemployment rate?
(a)
What is the price level if the money supply is 2 trillion dollars, velocity is 12, and real GDP is 6 trillion dollars?
(a)
The Right Political Economy is ___ and the Left is ___
(a)
What does GDP stand for
(a)
What does the Federal Reserve do?
(a)
Industrial grill purchased by a restaurant to make hamburgers
Included in GDP (C)
Included in GDP (I)
Included in GDP (G)
Included in GDP (NX)
Excluded from GDP
New machinery purchased by a company to improve their productivity in a factory
Included in GDP (C)
Included in GDP (I)
Included in GDP (G)
Included in GDP (NX)
Excluded from GDP
Which of the following groups would be hurt most by a period of inflation?
government employees.
borrowers.
people on fixed incomes.
union members with an escalator clause (allows for potential increase in wages) in their contract.
Banking
government budgeting
government banking
cental banking
Hamburgers you buy at a restaurant
Included in GDP (C)
Included in GDP (I)
Included in GDP (G)
Included in GDP (NX)
Excluded from GDP
What change in fiscal policy might cause aggregate demand to shift from AD1 to AD2 on the graph above?
Select one:
A fall in taxes OR a rise in government spending.
A rise in taxes OR a fall in government spending.
A fall in taxes OR a fall in government spending.
A rise in taxes OR a rise in government spending.
What does FAFSA stand for
(a)
The governor's desk purchased through the state's budget
Included in GDP (C)
Included in GDP (I)
Included in GDP (G)
Included in GDP (NX)
Excluded from GDP
Family
Included in GDP (C)
Included in GDP (I)
Included in GDP (G)
Included in GDP (NX)
Excluded from GDP
Who said, "A national bank would fall under the necessary and proper clause because it will help stabilize money and banking".
Hamilton
Jefferson
Apple stock purchased by a new fund that is managed by an MUHS economics class
Included in GDP (C)
Included in GDP (I)
Included in GDP (G)
Included in GDP (NX)
Excluded from GDP
When revenues exceed expenditures,
Select one:
the government must create more money.
the government is forced to issue more bonds to raise money.
there is a budget deficit.
there is a budget surplus.
Fiscal Policy
government budgeting
government banking
central banking
What is the labor force participation rate?
(a)
The quality of a good or service that producers are willing and able to sell at all possibilities during a certain time period
Supply
Demand
Scarcity
Economics
The value of the next-best alternative when a decision is made; its what is given up
Microeconmics
Opportunity Cost
Demand
Macroeconomics
The government increases taxes on corporations. Is is expansionary or contractionary fiscal policy?
Select one:
contractionary
expansionary
The CPI shows that the price of a basket of goods in 1990 was $100. The CPI shows the same price of goods is priced at $125 in 2020. What is the percent change (or inflation) for the CPI?
(a)
Monetary Policy
government budgeting
government banking
central banking
What banking was in the time period (1791-1836)
First and Second Banks of the United States
Banking of North America
Era of "Free Banking"
National Banks
The everyday business of. A social science that studies the decisions people make when faced with score resources. In particular, economics is about decisions related to the production, distribution, and consumption of goods and services.
Microeconomic
Opportunity Cost
Economics
Macroeconomics
How to solve real GDP
(a)
Hidden Unemployment
(a)
Types of Unemployment *
(a)
Who said, "A national bank is not specifically mentioned in the Constitution. Therefore, it would be an overreach of government power."
Hamilton
Jefferson
Which of the following are examples of conformation bias
not seeing out objective dacts
interpreting to support your existing belief
paying attention to infomation that changes your belief.
only remembering details that uphold your belief
sticker price-scholarships and grants=
(a)
The study of the markets that make up the broad economy
Economics
Microeconmics
Supply
Macroeconomics
What does utility =
(a)
What do the numbers in the 50/20/30 budget stand for?
(a)
What banking was in the time period (pre-Constitution to Constitution)
First and Second Banks of the United States
Banking of North America
National Banks
Federal Reserve
Shoes made in Wisconsin and sold in Canada
Included in GDP (C)
Included in GDP (I)
Included in GDP (G)
Included in GDP (NX)
Excluded from GDP
The Consumer Price Index (CPI) is a weighted average of the prices of:
Select one:
thousands of goods and services bought by U.S. consumers.
hundreds of grocery items bought by U.S. consumers.
only durable goods bought by consumers.
the top ten goods and services bought by U.S. consumers.
The study of the broad economy, such as how an economy grows and how growth is maintanied.
Economics
Microeconmics
Macroeconmics
Demand
What is the equation for the quantity theory of money?
(a)
What banking was in the time period (1837-1862-note civil war begins in 1861)
Frist and Second Banks
Banking of North America (pre-Constitution)
Era of "Free Banking"
National Banks
What is the formula we used in class for determining percentage chance?
(a)
The quantity of goods or services that buyers are willing and able to buy at all possible prices during a time period.
Opportunity Cost
Macroeconomics
Scarcity
Demand
At first cut, the simple solution to fighting inflation is
Select one:
reducing the growth rate of the money supply.
limiting the number of terms that politicians can serve in elective office.
to impose price controls on businesses that attempt to raise prices.
returning the economy to barter by prohibiting the use of fiat money.
Desk purchased at a thrift store
Included in GDP (C)
Included in GDP (I)
Included in GDP (G)
Included in GDP (NX)
Excluded from GDP
The condition that exists becuase there are not enough resources
demand
supply
scarcity
microeconomics
Fiscal policy that increases total demand in the economy directly through a _____ is typically called expansionary
increase in government tax rates
increase in government spending
government taxing more than it spends
government decreasing its spending
Inflation
Select one:
always reduces the cost of living
reduces the purchasing power of a dollar.
reduces the price of products.
always reduces the standard of living.
An example of contractionary fiscal policy would be
decreasing government spending
expanding the government's role in regulating private industry.
cutting taxes
increasing production of consumer goods.
