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ECON - Unit 4C
Test Description: SSEMA2, SSEMA3
Instructions: Answer all questions to get your test result.
1) The Federal Reserve is...
A
an organization responsible for printing U.S. currency
B
the central bank of the U.S.
C
another name for the Department of the Treasury
D
####
2) The FED is overseen by:
A
Congress
B
the judicial branch
C
the White House
D
the Federal Open Market Committee
3) How many district banks are associated with the FED?
A
25
B
12
C
7
D
36
4) From the standpoint of monetary policy, the FED seeks to:
A
keep inflation low and help the economy grow
B
####
C
increase interest rates
D
keep inflation high to encourage entrepreneurship
5) The FED has a direct impact on:
A
the per capita GDP of the U.S.
B
interest rates
C
####
D
the unemployment rate
6) Banks keeping a percentage of customer deposits... is called:
A
excess reserves
B
the reserve ratio
C
####
D
the discount rate
7) The amount of currency in the money supply:
A
affects interest rates
B
####
C
###
D
has no effect on interest rates
8) What occurs when there is more money in the supply and interest rates fall?
A
###
B
expansion
C
contraction
D
####
9) What occurs when there is less money in the supply and interest rates increase?
A
expansion
B
###
C
contraction
D
####
10) During a period of expansion:
A
the GDP increases, the unemployment rate decreases, and there is some inflation
B
####
C
###
D
the GDP decreases, the unemployment rate increases, and there is little inflation
11) During a period of contraction:
A
###
B
####
C
the GDP decreases, the unemployment rate increases, and there is little inflation
D
the GDP increases, the unemployment rate decreases, and there is some inflation
12) Taxes and spending are two examples of the government using:
A
the circular flow of economics
B
####
C
###
D
fiscal policy tools
13) Expansion occurs when:
A
there is more taxation and/or less spending by the government
B
###
C
####
D
there is less taxation and/or more spending by the government
14) Contraction occurs when:
A
there is more taxation and/or less spending by the government
B
###
C
####
D
there is less taxation and/or more spending by the government
15) When the government spends less money than it collects in revenue, it is called:
A
###
B
a surplus
C
a deficit
D
####
16) When the government spends more money than it collects in revenue, it is known as:
A
###
B
####
C
a surplus
D
a deficit
17) When the government has a deficit, it adds to the:
A
national debt
B
price ceilings and price floors
C
GDP
D
####
*select an answer for all questions
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