Economics Final Review

Front

GDP, CPI, unemployment rate and national debt are all what?

Back

Economic indicators used to determine the state and direction of the economy

Front

Which of the following are responsible for making fiscal policy decisions? The president and Congress, The Federal Reserve System, The National Council of Economic Advisor, The Commerce Department

Back

The president and Congress

Front

When regions and nations specialize and trade, the result is

Back

An increase in both the supply and variety of goods

Front

The cost you pay for insurance coverage is called your

Back

Premium

Front

Which of the following represents a transfer payment?
Options:
The bank transfers $10 in quarterly interest to your savings account.
Your employer transfers $100 each month from your wages to a non-taxable medical spending account.
The government sends your grandfather his $3,500 Social Security check.
You transfer $1,000 from your checking account to your savings account.

Back

The government sends your grandfather his $3,500 Social Security check.

Front

Which of the following results when federal government expenditures are less than the federal government’s total receipts? A trade surplus, A federal budget deficit, A negative balance of payments, A federal budget surplus

Back

A federal budget surplus

Front

When the U.S. dollar appreciates, U.S. consumers can

Back

Afford to buy more foreign products

Front

By how much did the transactions of a new-car dealer selling a car to Tyler for $20,000 and Tyler selling it to Camille for $15,000 contribute to U.S. GDP for the year?

Back

$20,000

Front

If the government’s fiscal policy is designed to end a recession, which action would Congress be MOST likely to take? Options: Lower income taxes, Raise income taxes, Reduce government spending, Raise the discount rate

Back

Lower income taxes

Front

The United States charges a tax of thirty cents on every dollar’s worth of foreign tennis shoes entering the country. Which type of trade barrier is this?

Back

Tariff