Economics - Semester Review - Part Two

Front

Which of the following is a characteristic of fiat money?

Back

It is authorized as legal tender by the government.

Front

Which of the following is NOT a function of money? Medium of exchange, Store of value, Unit of account, Producer of goods

Back

Producer of goods

Front

Who controls the monetary policy in the United States?

Back

The Federal Reserve

Front

Which of the following is a key function of the Federal Reserve? To ensure national defense, To manage the country's fiscal policy, To oversee and regulate banks and financial institutions, To conduct national elections

Back

To oversee and regulate banks and financial institutions

Front

Which of the following is NOT a duty of the Federal Reserve? Regulating banks, Issuing currency, collecting taxes, Conducting monetary policy

Back

collecting taxes

Front

Ideally, a country should export more goods and services than it imports:

Back

True

Front

Which of the following is an example of an import? A country exporting textiles to its neighboring countries, Japan selling electronics to European countries, USA importing wines from France, Manufacturers in India exporting spices worldwide

Back

USA importing wines from France

Front

Gross domestic product (GDP) measures:

Back

The total value of all goods and services produced within a country in a specific time period

Front

What does Gross Domestic Product (GDP) measure?

Back

The total value of all goods and services produced over a specific time period within a country's borders, the sum of personal consumption expenditures, business investments, and government spending, and the total market value of all final goods and services made within the borders of a nation in a year.

Front

Structural unemployment occurs when:

Back

Workers lack the necessary skills for available jobs