Cards in this guide (21)
What do the economic systems of other countries have in common with the economic system of the US
They face the same basic economic problems
Which of the following most accurately explain why commodity money has value
Commodity money is a good that can be used as a medium of
exchange or for some other purpose.
Why is the willingness to pay more for goods and services destructive to the nation's economy
it drives up prices and causes money to loss value.
Which of these does not describe representative money
it only has value because the government says it does
Which of these was not brought about by the passage of the National Bank Acts of 1863 and 1864
the creation of a centralixed bank of the United States
Which of these was created from the Glass-Steagall Act of 1933 after the Great Depression
Federal Deposit Insurance Corporation
Which of these led to the Panic of 1907
an increase in bank runs due to a lack of confidence in the banking system
Why is deflation destructive to the nation's economy
Not enough money is spent to keep business activity moving
What form of money has value only because the government says it does
representative money (A+)
-Emmy aka Hello Kitty
Fiat Money (A+)
-Hailey
Which factor of production includes such things as machinery and buildings used in the production of other goods
What are the main sources of capital for the national state and local governments
What does the Federal Deposit Insurance Corporation do
It acts as an insurer of bank customer deposits. A+
Which component of the GDP refers to the total of all personal expenditures by anyone within the country
How many nationwide districts is The Federal Reserve broken down into
The Federal Reserve is broken down into twelve districts.
How are net exports calculated
by subtracting a country's imports by the exports
If money supply growth exceeds the growth of the overall economy what will be the result
What is the term for the federal reserves buying and selling of US treasury bonds
At which level of government is property tax assessed
In the circular flow model firms compensate households with which items
What of these describes the Federal Reserve System
part private and part public company A+
What led to the demise of the second bank of the United states
controversy over corruption and political opposition
