Short Econ Flashcard

Front

What is the main purpose of a tariff?

Back

To protect domestic industries

Front

What is the primary function of the Federal Reserve in the United States?

Back

Regulate banks and implement monetary policy

Front

A monopoly exists when

Back

A single firm dominates the market

Front

What is the term for a sustained increase in the general price level of goods and services?

Back

Inflation

Front

What is the primary goal of monetary policy?

Back

Stabilize the currency and control inflation

Front

Which economic system is characterized by private property and profit motives?

Back

Capitalism

Front

What does GDP stand for?

Back

Gross Domestic Product