Virtual SC Economics Final Exam Review with Complete Solutions

Virtual SC Economics Final Exam Review with Complete Solutions "The most important source of state government revenue." "Primarily transferred from federal government to state governments." "The most important source of local government revenue." All of these statements are true of ✔✔intergov ernmental revenue A coupon rate is the ___. ✔✔rate of return on a bond A general rise in the level of prices over time is known as ___. ✔✔inflation A nation's wealth is determined by its ____. ✔✔accumulation of all tangible products A person who owns a share of stock is known as ___. ✔✔a stockholder A strategy of holding different kinds of investments to minimize risk is known as ____. ✔✔portfolio diversification According to Keynesian economics, which sector of the economy could of fset a decline in business spending? ✔✔government An Economic and Travel area made up of 28 European nations (soon to be 27) is known as the ____? ✔✔European union Approximately what percent of all US banks are members of the Fed? ✔✔40% Consumers in a f ree enterprise economy ultimately determine ____ to produce. ✔✔what Consumers waiting in long lines for a new product is an example of ____. ✔✔scarcity During the Civil War, Congress enacted the National Currency Act, which ___. ✔✔created a National Bank ing System, raised money for the Union, and created a national currency During the Great Depression, union promoters ____. ✔✔renewed their efforts because hard times united workers During which decade were government assistance programs most effective a t reducing the poverty rate? ✔✔1960s Economic equity means that is illegal to discriminate on the basis of age, sex, race, religion, or ___. ✔✔disability Elementary schools, police departments, and electrical services are typically paid for by ___. ✔✔local government Equilibrium is reached when what occurs? ✔✔quantity demanded equals quantity supplied Every student who wants financial aid must complete the ___ ✔✔FAFSA application form Fiscal policy may involve ____. ✔✔taxing corporations How are the effects of US inflation rates felt around the world? ✔✔US inflation makes US exports more expensive overseas.