April 10 Economics Game
Quiz by Zadkiel Elder
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53 questions
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- Q1The Federal Reserve is taking action to fight high rates of inflation. What are the appropriate actions?sell bonds and increase the discount ratesell bonds and decrease the discount rateBuy bonds and increase the discount ratebuy bonds and decrease the discount rate60s
- Q2If the Federal Reserve decreases the money supply, interest rates will __________ and aggregate demand will __________.decrease; increaseincrease; increaseincrease; decreasedecrease; decrease60s
- Q3Which of the following actions would The Federal Reserve take in order to get the U.S. out of a recession?Increase the discount rateBuy bondsIncrease the reserve ratioSell bonds60s
- Q4Which of the following is NOT a function of a central bank?Supervises the banking systemControls a country’s money supplyMakes loans to small businessesServes as a bank for other banks60s
- Q5Which of the following institutions is responsible for setting monetary policy?The commercial bankThe governmentThe central bankThe International Monetary Fund60s
- Q6What is the basic economic problem?Too many resources to fulfill limited wantsNot enough resources to fulfill limited wantsToo many resources to fulfill too many wantsNot enough resources to fulfill too many wants60s
- Q7What is NOT true about the Circular Flow Model?In market for resources, money flows from households to businessesIn market for goods and services, money flows from households to businessesIn market for resources, labor flows from households to businessesIn market for goods and services, goods flow from businesses to households60s
- Q8Which of the following is the biggest problem facing the economy at the peak of the business cycle?RecessionInflationInefficiencyUnemployment60s
- Q9Economic growth is best described as growth of which of the following?InflationEmploymentNominal GDPReal GDP60s
- Q10In 2006, output in Indonesia rose by 4.9%. Which of the government objectives does this meet?Economic growthFull employmentBalance of payments stabilityPrice stability60s
- Q11Economic growth will occur from a(n) ________________________.all of the aboveincrease in the quantity of the factors of production.increase in the price of the factors of production.leftward shift of the production possibility curve.60s
- Q12If the unemployment rate is above the natural rate of unemployment, the government shouldDecrease the discount rateDecrease government spendingSell bondsDecrease taxes60s
- Q13Expansionary fiscal policy ___________ aggregate demand and is used to close a(n) ___________ gapdecreases; recessionarydecreases; inflationaryincreases; recessionaryincreases; inflationary60s
- Q14What are two possible ways of achieving expansionary fiscal policy?decrease government spending; decrease taxesincrease government spending; decrease taxesincrease government spending; increase taxesdecrease government spending; increase taxes60s
- Q15If the country of Placerville is experiencing high rates of inflation, what could it's government to do alleviate the problem?Decrease government spending and tax moreIncrease government spending and tax lessDecrease government spending and tax lessIncrease government spending and tax more60s