EPF Review Flashcard

Front

Something that motivates someone to do or not do something

Back

incentive

Front

According to the graph below, what is the quantity at equilibrium? Options: 14, 400, 600, 1200

Back

600

Front

The Central Bank attempts to stabilize the money supply by using: Debt Policy, Output-Expenditure Model, Monetary Policy, Fiscal Policy

Back

Monetary Policy

Front

Which of the following is NOT one of the three basic functions of money? Options: a store of value, a unit of account, a form of investment, a medium of exchange

Back

a form of investment

Front

A three-digit number (ranging from 300-850) based on an individual's credit history detailed in a credit report

Back

Credit Score

Front

Allowing goods and services to be used now with a promise of payment in the future.

Back

credit

Front

What is a credit score?

Back

A number that represents your creditworthiness

Front

When price increases, quantity demanded

Back

decreases

Front

Fiscal Policy is controlled by... Options: The Government, The Federal Reserve System, The states, The Department of Commerce

Back

The Government

Front

Scarcity is defined as a limited supply of resources and...

Back

unlimited wants for available resources