Economics Unit 4

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Economic growth

1. A goal of fiscal policy is

Decreases the inflation rate.

2. Decreasing government spending usually

Over age 16 who are trying but unable to find work.

3. The unemployment rate reflects the percentage of people

Increased currency

4. Which of the following is not a goal of fiscal policy?

Expansionary monetary policy.

5. When the economy is operating at point C, the Federal Reserve is most likely to follow

Increase growth

6. When the economy is operating at point C, the Federal Reserve may decrease the discount rate to

Buy securities in open market operations.

7. If unemployment is rising rapidly, the Federal Reserve would most likely


8. Imagine that unemployment increases to record levels. The economy is in

A peak

9. Imagine you read an article that says "economists agree we have seen the worst of the inflation rate impact and expect it to lower very soon." The economy is likely in

Inflation to be high

10. Use this image to answer the following question. In the business cycle phase marked B, economists expect

Roller coaster.

11. A graph of the business cycle over time most resembles a

Fails to earn a "living wage" for a family of four.

12. As of 2009, an American worker earning minimum wage

There will be a shortage of potatoes

13. In the diagram above, what will happen if the government sets the price for potatoes at Point B?

There will be a shortage of workers

14. In the diagram above, what will happen if the government sets the minimum wage at Point B?

There will be a surplus of Internet access.

15. In the diagram above, what will happen if the government sets the price for Internet access at Point A?

Bottled water plants

16. The state legislature asks you to analyze several product markets for natural monopoly qualities. The legislature wishes to regulate one of the products to provide safer, more efficient, and standard quality to its citizens. Which product do you recommend?

Electricity service

17. An example of a natural monopoly product is

The government ensures the supplier works safely and efficiently.

18. One benefit of regulating a natural monopoly is that


19. The accumulation of years of spending more money than is collected in revenues over several years creates a budget


20. When a government collects more revenue in one year than it spends, there is a budget

Increases income taxes to eliminate the deficit

21. You are a representative to the U.S. Congress. The U.S. federal budget debt grew by one billion dollars each of the last five years. To correct this, you should support the budget that

Federal Open Market Committee

22. Inflation is low and unemployment is high. The public is demanding action. Within the Federal Reserve, who has the power to act?

Impact the money supply

23. The Federal Reserve utilizes monetary policy to

Earning dividends from stock in the Federal Reserve

24. Banks that are members of the Federal Reserve have the benefit of

Communication with other government leaders

25. The Federal Reserve’s Board of Governors is responsible for

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