Expert answer:Economics Problem Set

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Principles of Economics
Name: Joni Filibeck
Date:
onomics
The means that fiscal policy uses to attain its goals are the manipulation of
____________________ and ____________________________.
Answers: Spending and Taxes
of
Welfare spending, unemployment compensation, and direct taxes are all examples of
____________________________.
Answer: Automatic Stabilizers
examples of
When the MPC is 0.8, how much is the multiplier?
Answer: 5
If GDP is 3,400, the multiplier is 5, and I rises by 15, what is the new level of GDP?
Answer: 3475
el of GDP?
If GDP is 3,900, the multiplier is 8, and G falls by 10, what is the new level of GDP?
Answer: 3820
vel of GDP?
The world’s first bankers were ___________________________.
Answer: Gold Smiths
What are the three functions of money?
Answers:Store of Value, Unit of Account, Exchange
The M1 money supply consists of _______________________,
_______________________, __________________________, and
_____________________________.
Answers: Checkable deposits, Money Orders, Cashiers Checks, Direct Deposit
eposit
Banks are very heavily regulated. The main reason for this is that
_______________________________.
Answer: protection from fraudulent activity
What is the most successful bartering system in the world?
Answer: Prison or Jail
Our paper currency is issued by __________________________________.
Answer: Federal Reserve
Our currency is backed by _________________________________________.
Answer: Federal Government
If the Fed wants to increase the money supply, it will follow these steps:
Answers: Lower Discount Rate, Lower Fed Ratio, Decrease Open Market
et
If the reserve requirement were 15-percent, how much would the deposit multiplier be?
Answer: 6.67
multiplier be?
Control of the Federal Reserve is held by _______________________________.
Answer: Board of Governors
…
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