ECN 211 MIDTERM ASU QUESTIONS WITH VERIFIED
ACCURATE ANSWERS
How much we are willing to work to afford the things we want to buy - answers -labor
supply choice of household
The total hours (adjusted for intensity of effort) that workers wish to work at a given real
wage rate. - answers -labor supply
A stock variable is measured at one specific time, and represents a quantity existing at
that point in time, which may have accumulated in the past. A flow variable is measured
over an interval of time. Therefore a flow would be measured per unit of time (say a
year). It is roughly analogous to rate or speed in this sense. - answers -stock and flow
A redistribution of income in the market system. These payments are considered to be
non-exhaustive because they do not directly absorb resources or create output. -
answers -transfer payment
Institution that manages a state's currency, money supply, and interest rates. It usually
also oversees the commercial banking system of its country. - answers -central bank
Committee within the federal reserve system (the fed), that is charged under the united
states law with overseeing the nation's open market operations . This committee makes
key decisions about interest rates and the growth of the united states money supply. -
answers -federal open meeting committe (fomc)
Process by which the monetary authority of a country, like the central bank or currency
board, controls the supply of money, often targeting an inflation rate or interest rate to
ensure price stability and general trust in the currency. Further goals of a monetary
policy are usually to contribute to economic growth and stability, to lower
unemployment, and to maintain predictable exchange rates with other currencies. -
answers -monetary policy
The process of international integration arising from the interchange of world views,
products, ideas, and other aspects of culture. - answers -globalization
The rate at which one currency will be exchanged for another, regarded as the value of
one country's currency in relation to another currency - answers -exchange rate
Income derived from selling the services of factors of production. - answers -factor
income
ACCURATE ANSWERS
How much we are willing to work to afford the things we want to buy - answers -labor
supply choice of household
The total hours (adjusted for intensity of effort) that workers wish to work at a given real
wage rate. - answers -labor supply
A stock variable is measured at one specific time, and represents a quantity existing at
that point in time, which may have accumulated in the past. A flow variable is measured
over an interval of time. Therefore a flow would be measured per unit of time (say a
year). It is roughly analogous to rate or speed in this sense. - answers -stock and flow
A redistribution of income in the market system. These payments are considered to be
non-exhaustive because they do not directly absorb resources or create output. -
answers -transfer payment
Institution that manages a state's currency, money supply, and interest rates. It usually
also oversees the commercial banking system of its country. - answers -central bank
Committee within the federal reserve system (the fed), that is charged under the united
states law with overseeing the nation's open market operations . This committee makes
key decisions about interest rates and the growth of the united states money supply. -
answers -federal open meeting committe (fomc)
Process by which the monetary authority of a country, like the central bank or currency
board, controls the supply of money, often targeting an inflation rate or interest rate to
ensure price stability and general trust in the currency. Further goals of a monetary
policy are usually to contribute to economic growth and stability, to lower
unemployment, and to maintain predictable exchange rates with other currencies. -
answers -monetary policy
The process of international integration arising from the interchange of world views,
products, ideas, and other aspects of culture. - answers -globalization
The rate at which one currency will be exchanged for another, regarded as the value of
one country's currency in relation to another currency - answers -exchange rate
Income derived from selling the services of factors of production. - answers -factor
income
