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Home Page Social Science Economics Environmental Economics Circular Flow Model Unit Review - Flashcards

Unit Review – Flashcards

Livia Baldwin
8 July 2022
15 test answers

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question
What role does the Federal Reserve play? Check all that apply.
answer
1,2,5
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The most common measure of inflation is a statistic called the
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Consumer Price Index
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As a result of decreased production, David lost his job designing cars. Which terms can be used to describe David? Check all that apply.
answer
1,6
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What decisions does the business cycle help businesses make? Check all that apply.
answer
2,4,5,6
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The exchange of factors of production for income occurs in the
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factor market
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question
Which best describes the economic impact of defaulting on bank loans?
answer
the economy suffers because banks have less money to loan to others.
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question
When individuals are looking for jobs but are unable to find work, they are said to be
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unemployed
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question
What advantages does money have over bartered goods? Check all that apply.
answer
2,3,5
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question
Which is the most liquid form of money?
answer
cash and currency in circulation
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question
One fact about all currency is that it
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has a changing value
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question
Which of the following best describes the circular flow model?
answer
The models represent the movement of money throughout the economy.
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question
What term is used in macroeconomics to describe the total supply and the total demand?
answer
aggregate
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question
Which is an example of how a denomination is divisible?
answer
An American dollar is equal is equal to 4 quarters.
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question
Which best describes why investing can be such a challenge?
answer
There are no guaranteed investments.
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question
According to the business cycle, what characteristic indicates that a depression has been reached?
answer
A trough has occurred.
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Question
What is the right structure for an essay
Answer
A paragraph is a related group of sentences that develops one main idea. Each paragraph in the body of the essay should contain:
  • a topic sentence that states the main or controlling idea
  • supporting sentences to explain and develop the point you’re making
  • evidence from your reading or an example from the subject area that supports your point
  • analysis of the implication/significance/impact of the evidence finished off with a critical conclusion you have drawn from the evidence.