ECON 2301 FINAL TEST REVIEW 2026/2027 | COMPLETE
STUDY GUIDE
Check all of the following that are characteristics of Keynesian theory. - Correct answer✅✅
5 things that shift demand curve - Correct answer✅✅ -likes and preferences
-future price expectancy
-income
-number of buyers
-substitutes and compliments
5 things that shift supply curve - Correct answer✅✅ -technology advancements
-Number of sellers
-input costs
-future prices
-business tax/subsidies
Check each of the following related to the Quantity Theory of Money. - Correct answer✅✅
Economics can be defined as a study of: - Correct answer✅✅ How individuals and society try to make
the best use of scarce resources
Steven Manley buys his handsome self a $10,000 bond sold at a 6% yield. However, if the market
interest rate decreases to 4%, the value of the bond increases to $___. (no comma necessary) - Correct
answer✅✅
Assets = liabilities + ____ - Correct answer✅✅ Net worth
, Imports are an injection in the Keynesian bathtub. - Correct answer✅✅ False
Check each of the following that applies to the Federal Reserve. - Correct answer✅✅ -The board of
governors is the policy making committee
-The federal avisory counsel consists of private citizens who provide input to the board of governers
-the fed reports to congress but congress cannot control the fed.
Check each of the following that are related to an "easy" money policy. - Correct answer✅✅ -lower
interest rates
-exports from the US increase
In the labor market, supply is provided by the employer. - Correct answer✅✅
One of the reasons the Federal Reserve was created was to help the US avoid financial panics and
depressions. - Correct answer✅✅
Purchasing power is defined as: - Correct answer✅✅
Check each of the following regarding the reserve ratio (or requirement). - Correct answer✅✅
Which of the following does not count in the unemployment rate? - Correct answer✅✅
Check each of the following that are contributed to the housing crisis around 2007 and 2008. - Correct
answer✅✅ -Very low interest rates
-an over supply of houses on the market
-rising interest rates in 2006
Check each of the following characteristics of money. - Correct answer✅✅
STUDY GUIDE
Check all of the following that are characteristics of Keynesian theory. - Correct answer✅✅
5 things that shift demand curve - Correct answer✅✅ -likes and preferences
-future price expectancy
-income
-number of buyers
-substitutes and compliments
5 things that shift supply curve - Correct answer✅✅ -technology advancements
-Number of sellers
-input costs
-future prices
-business tax/subsidies
Check each of the following related to the Quantity Theory of Money. - Correct answer✅✅
Economics can be defined as a study of: - Correct answer✅✅ How individuals and society try to make
the best use of scarce resources
Steven Manley buys his handsome self a $10,000 bond sold at a 6% yield. However, if the market
interest rate decreases to 4%, the value of the bond increases to $___. (no comma necessary) - Correct
answer✅✅
Assets = liabilities + ____ - Correct answer✅✅ Net worth
, Imports are an injection in the Keynesian bathtub. - Correct answer✅✅ False
Check each of the following that applies to the Federal Reserve. - Correct answer✅✅ -The board of
governors is the policy making committee
-The federal avisory counsel consists of private citizens who provide input to the board of governers
-the fed reports to congress but congress cannot control the fed.
Check each of the following that are related to an "easy" money policy. - Correct answer✅✅ -lower
interest rates
-exports from the US increase
In the labor market, supply is provided by the employer. - Correct answer✅✅
One of the reasons the Federal Reserve was created was to help the US avoid financial panics and
depressions. - Correct answer✅✅
Purchasing power is defined as: - Correct answer✅✅
Check each of the following regarding the reserve ratio (or requirement). - Correct answer✅✅
Which of the following does not count in the unemployment rate? - Correct answer✅✅
Check each of the following that are contributed to the housing crisis around 2007 and 2008. - Correct
answer✅✅ -Very low interest rates
-an over supply of houses on the market
-rising interest rates in 2006
Check each of the following characteristics of money. - Correct answer✅✅
