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☆☆☆☆☆Cards in this guide (14)
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.
What do board members of the Federal Reserve obtain their positions
They are appointed by the president and confirmed by the Senate.
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 economic theorists believed that overpopulation would cause labor to overwork the land
Thomas Robert Malthus believed that overpopulation would cause labor to overwork the land.
Which phase in the business cycle occurs when the economy shrinks due to a decline in production of goods and services
This is called a 'recession.'
If money supply growth exceeds the growth of the overall economy what will be the result
inflation
What is the term for the federal reserves buying and selling of US treasury bonds
fiscal policy
Which of these describes a controlled econmic system
- The government makes decisions about production and distribution of goods and services.
What defines aggregate demand
the total demand for final goods and services in the economy
Which of these is not a service provided by the government using revenue from taxes
Private Schools (A+)
Which point in the business cycle has the greatest economic activity
Peak a+
The federal budget proposal recommends funding levels for the next fiscal year which begins on what date
October 1
In the circular flow model firms compensate households with which items
households
Circular flow refers to the economic model that describes which of the following
mutual circulation of income between producers and consumers
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