Master ECON 102 with this comprehensive 12-page PDF quizlet, covering essential topics like business cycles, monetary policy, money supply, and more. Perfect for last-minute review or supplementing your course materials. Get ready to ace your exam with confidence!
Circle the letter of the Definition that corresponds to the displayed Term.
1. neoclassical zone
A portion of the SRAS curve where GDP is at or near potential output where the SRAS curve is steep
B: a model that shows what determines total supply or total demand for the economy, and how total
C: any amount or debt owed by a firm or an individual
D: funds that a bank keeps on hand and that are not loaned out or invested in bonds
2. Keynes’ law
A: the maximum quantity that an economy can produce given full employment of its existing levels of
B “demand creates its own supply”
C: bank account where you cannot withdraw money by writing a check, but can withdraw the money at a
D: the common way in which market values are measured in an economy
3. central bank
A: the total quantity of output (i.e. real GDP) firms will produce and sell
B institution which conducts a nation’s monetary policy and regulates its banking system
C: the total spending on domestic goods and services at each price level
D: portion of the SRAS curve where GDP is at or near potential output where the SRAS curve is steep
4. asset
A: the interest rate at which one bank lends funds to another bank overnight
B: helps an economy exchange goods and services for money or other financial assets
C item of value owned by a firm or an individual
D: checkable deposit in banks that is available by making a cash withdrawal or writing a check
5. full-employment GDP
A: are dollar bills or other currencies with values backed up by gold or another commodity
B: immediately transfers money from the credit card company’s checking account to the seller, and at the
C another name for potential GDP, when the economy is producing at its potential and unemployment is
D: total money in the economy divided by the original quantity of money, or change in the total money in
6. deposit insurance
A: literally, trading one good or service for another, without using money
B an insurance system that makes sure depositors in a bank do not lose their money, even if the bank goes
C: whatever is widely accepted as a method of payment
D: institution that accepts money deposits and then uses these to make loans
Business - 2024/25 2024/2025 Edition
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