Sh3rrymagdah

Money correct answers Which of the following is not a resource? Opportunity Cost correct answers Which of the following is not a price? The next best alternative uses of the $30 and the one hour correct answers Henry spends one hour shopping and buys one sweater for $30. The opportunity cost of the sweater is False correct answers The equilibrium price occurs whenever the quantity bought equals the quantity sold $176 correct answers Suppose in year 10, the following goods were all th...

demand-side policies correct answers designed to increase or decrease total demand in the economy fiscal policy correct answers use of government spending and revenue collection to influence the economy keynesian economics correct answers government spending and taxation policies suggested by John Maynard Keynes to stimulate the economy John Maynard Keynes correct answers Instrumental in the planning of the World Bank () GDP=C+I+F+G correct answers Output expenditure model G= co...

Define economics correct answers *allocation of scarce resources The study of economics is primarily concerned with: correct answers *choices that are made seeking the best use of resources What is the economizing problem? correct answers *unlimited needs & wants *scarce resources What is purposeful behavior? correct answers *people behave in ways to INCREASE UTILITY What does utility mean? correct answers *pleasure, satisfaction How do rational people behave? correct answers ...

What are the Fed's dual mandate goals? correct answers Maximum employment and price stability Which monetary policy tool is a supplementary tool that sets a floor for the federal funds rate? correct answers ON RRP facility Which of the following best describes how arbitrage makes interest on reserves an effective tool? correct answers If the federal funds rate falls far below the interest on reserve balances rate, banks will borrow at the federal funds rate and deposit the funds at the Fe...

The World Bank was created to assist in the funding of European recovery after World War II. correct answers True The World Bank gives grants to less developed countries to fund economic development. correct answers False The United Nations Development Program's main goal is the eradication of poverty through economic development. correct answers True The International Monetary Fund was originally established to aid and oversee development projects. correct answers False Foreign dir...

Scarcity correct answers The central concept in economics, scarcity refers to the limited availability of economic resources relative to society's unlimited demand for goods and services. Choice correct answers Since resources are scarce, economics is a study of choices. It is clear that not all needs and wants can be satisfied; this necessitates choice and gives rise to the idea of opportunity cost. Efficiency correct answers Efficiency is a quantifiable concept, determined by the ratio...

allocative efficiency correct answers A state of the economy in which production is in accordance with consumer preferences; in particular, every good or service is produced up to the point where the last unit provides a marginal benefit to society equal to the marginal cost of producing it productive efficiency correct answers a situation in which a good or service is produced at the lowest possible cost equity correct answers the fair distribution of economic benefits factors of produ...

barter economy correct answers moneyless economy that relies on trade or barter commodity economy correct answers money that has an alternative use as an economic good; gunpowder, flour, corn, etc. fiat money correct answers money by government decree; has no alternative value or use as a commodity federal reserve system correct answers privately owned, publicly controlled, central bank of the United States fractional reserve system correct answers a system requiring financial instit...

Money that only has value because the government gives it to the money is called: correct answers fiat money Silver or gold coins used to buy goods and services would be an example of: correct answers commodity money American dollars are made out of cotton/linen rather than paper. Money in Guatemala and Australia are made out of plastic. These are both examples of countries trying to make their money correct answers durable credit is correct answers the absence of money and borrowing it...

Demand correct answers the desire to own something and the ability to pay for it Microeconomics correct answers the study of the economic behavior and decision making of small units, such as individuals, families, and businesses demand schedule correct answers demand curve correct answers a graphic representation of a demand schedule Law of Demand correct answers consumers will buy more of a good when its price is lower and less when its price is higher Chance in quantity demande...