A pair of shoes that costs $80 last month costs $100 this month. Which of the following BEST describes this economic condition?

The percentage of a deposit that a bank must hold on to is called the ______.

When writing a check, it is a good idea to use

It is ok to leave the amount portion of a check blank if you are unsure of the amount of an upcoming purchase.

Approximately how often does a financial institution send a bank statement through the mail?

Which part of the check is the least important?

When it comes to saving money, what is a good rule of thumb?

The Federal Reserve Bank’s activities are controlled by

Money

The Fed does not

Jack saves his money in a piggy bank. He is using money as a

When a bank makes a loan of $1,000, then

Which President is on the $5 dollar Bill?

Which of the following statements is TRUE according to the Simple Quantity Theory of Money?

A tax that is the same "percentage" for everyone is called a _________ ?

A tax that is the same "dollar amount" for everyone is called a _________ ?

A tax that has been "adjusted for income" so those who make more pay "more" is a _________ ?

A tax that has been "adjusted for income" so those who make more pay "less" is a _________ ?

Which type of tax do Americans pay on their income?

There are five US states that do not pay sales tax. Name three of them.

The Federal Budget is introduced to Congress by the President who gives an estimated spending amount for the next year. What is the largest amount spent on?

Another name for the "Central Bank" is the__________?

What is the policy called that is used by the Federal Reserve to bring about change in the economy?

Which of the following are expansionary policies? Choose 2

Which of the following are contractionary policies? Choose 2

Expansionary Fiscal Policy would include which of the following?

If the business cycle were in a trough what could the Federal Reserve do to help it to come out?

To reduce interest rates on loans and stimulate the economy, the Fed could_________? Choose two

If the business cycle was showing itself to be coming too a peak all the following could be done to slow it down except what?

If the business cycle was showing itself to be coming out of a trough all the following could be done to expand the economy except what?

depository institution that invests the majority of its funds in home mortgages

depositor-owned financial organization operated only for the benefit of its depositors

financial institutions that accepted the deposits of small investors

nonprofit service cooperative that is owned by, and operated for, the benefit of its members

system that functions as the central bank of the United States

The Federal Reserve System is

The issue of a _____________ has been debated since 1790.

What is the Federal Reserve System often referred to?

In ________, Congress adjusted the Federal Reserve structure so that the system could respond more effectively to crises.

How many federal districts are there?

Actions taken by the Federal Reserve are called _________ policy.

How many Federal Reserve Banks are there per district?

The FOMC consists of consists of The Board of Governors and _____ of the 12 district bank presidents

The interest rate at which banks can borrow money from the Fed is called the ___________.

The Fed uses ________ to control how much money is in circulation at any one time.

The Federal Reserve is best known for its role in regulating the _____________.

The Fed monitors the supply of and the demand for money in an effort to keep _______ rates stable.

The Fed has three main tools to adjust the money supply: Reserve Requirement, Open Market, and ______

A reduction of the _____ would free up reserves for banks, allowing them to make more loans.

If the Fed wants to discourage banks from loaning out more of their money, it may make it more expensive to borrow money if their ______ fall too low.

If the Fed adopts an ____________ policy, it will increase the money supply.

An ______ lag is a delay in implementing monetary policy.

_______ lags are the time it takes for monetary policy to take effect once enacted.

An unemployment rate of 3% - 5%.

This reflects those who are actively seeking employment.

This reflects those who are actively seeking employment AND those who are currently employed.

You will always have this because people will always want to change jobs.

Prior to the pandemic, we had over 5,000 open jobs in Broome County but not the skilled people to fill them. This is an example of

Santa's helpers in July would represent

You have the least amount of control over this since it is based on the ups and downs of the business cycle.

As an outdoor lifeguard, you don't have control over your end date, but you expect it and can plan for it.

If Mrs. Murat left her job to go back to college to get her administration degree.

According to the data we looked at this week, which sector was hit hardest during the pandemic?

Which of the following will be included in the current year's calculation of GDP?

Which of the following would represent an addition to a nation’s GDP?

Which of the following is true regarding nominal and real GDP?

When calculating GDP, which of the following gets subtracted out?

If GDP falls for at least 2 Quarters, it is considered what stage of the business cycle?

What term is used to describe an increase in the general price level?

"Prices for consumer goods down 5% this year!" This headline affects which economic indicator the most?

The business cycle is made up of how many phases?

If a news headline says, "3 months of consecutive job losses is impacting consumer confidence."

Where on the business cycle is the current economy?

If a news headline says, "Finally!!! 2 straight months of increased jobs."

Where on the business cycle is the current economy?

________________ is a measure of economic well-being.

_______________ includes the health, education, training, and skills of the labor force. Investments in the development of human capital can lead to a more productive labor force that results in growth of real GDP, leading to a higher standard of living for the individual, as well as the nation.

_______________ is the ratio of inputs to outputs.

By increasing the skills of workers, the labor force is more ____________.

Increases in productivity due to higher health and education levels for a workforce lead to economic growth, which leads to higher overall _______________.

Higher skill levels that increase a worker’s productivity can also lead to higher _________.

Investments in equipment and technology leads to increases in the _________ of natural and human resources.

Both firms and government entities invest in equipment and technology leading to _____________.

______________ is when an entity focuses on one production task or the production of one good in order to increase efficiency.

Specialization increases ____________ and leads to a greater overall output.

_______________ occurs when two economic actors willingly trade one item for another because the perceived value of the item they are receiving is greater than the value of the item that is being given up. 

A ________________is an economic model that illustrates possible production combinations.

A large increase in the number of fast-food restaurants in a community is most likely to result in:

A person who starts a business to produce a new product in the marketplace is known as:

An increase from 5% to 8% in the interest rates charged by banks would most likely encourage:

For most people, the largest portion of their personal income comes from:

If the real gross domestic product of the United States has increased, but the production of goods has remained the same, then the production of services has:

If the price of beef doubled and the price of poultry stayed the same, people would most likely buy:

If the United States stopped importing automobiles from Country X, who would be most likely to benefit?

If your city government sets a maximum amount landlords can charge in rent, what is the most likely result?

In the United States, who determines what goods and services should be produced?

Mexico grows fruits and vegetables and Argentina produces beef. If Mexico voluntarily trades fruits and vegetables in exchange for Argentinean beef, then:

The manufacturers of XYZ winter sportswear have their manufacturing plants running night and day, but they are unable to produce enough sportswear to satisfy demand. If XYZ manufacturers cannot increase production and demand continues to increase, the price of XYZ winter sportswear will:

The resources used in the production of goods and services are limited, so society must:

The stock market is an example of an institution within our economy that exists to help people achieve their economic goals. The existence of this institution:

When a person rents an apartment, who benefits from the transaction?

When deciding which of the two items to purchase, one should always:

When governments supply products and services, these products and services usually benefit:

When the federal government's expenditures for a year are greater than its revenue for that year, the difference is known as:

Which of the following are most likely to be helped by inflation?

Which of the following would be most likely to accelerate innovation in the computer industry?

Which one of the following statements about the function of money is wrong?

Which of the following is an example of a natural resource? Choose the best answer.

What do you call a person who starts a business? Choose the best answer.

Which of the following is NOT an example of a currency?

Which of the following groups has the most control in a command economy?

What usually determines what is produced in a market economy?

If supply of apples has fallen because of a worker shortage, and demand for apples has stayed the same, what will most likely happen to prices of apples?

The Diamondbacks start winning a lot. What would most likely happen to their ticket prices?

Which of the following finished items is going to have an import tariff on it in the United States?

What's an embargo?

When businesses earn more revenue than the amount of money they spent as a business, it is called...

Which of the following is an example of globalization?

Germany and Belgium are both in the European Union. What will happen to a new car made in Germany when it is transported to Belgium?

Picture a gas station next to a highway. It is the only gas station for 50 miles. How might this affect prices?

To measure the health of an economy, people look at the symptoms or indicators used to measure the health of an economy. The 3 main indicators include all of the following except;

Gross Domestic Product includes the market value of all FINAL goods and services produced within a country during a given period of time.

Intermediate goods, used goods, and illegal goods are ____________ in a countries Gross Domestic Product(GDP).

Chemical fertilizers used by the farmers or cloth used by a tailor are examples of ________________________.

The largest spending category of GDP. This picture is a break down of all the things consumers spend their money on.

A company putting its money towards expanding its business. An example of this would be a construction company buying new trucks and other heavy equipment to improve production.

Over half of the spending of the _______________ include programs like Medicare, Social Security & Unemployment.

According to this image, the United States exported 200 billion in goods and services, and imported 150 billion. This category is what part of GDP?

The U.S. Government hired 10 Chinese-language experts, from a Chinese company based in China, to train U.S. Workers.

What does Per Capita Mean?

GDP per capita is found by dividing a country's GDP by it's

According to this graph from the powerpoint, what country has the highest per capita GDP?