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Teams
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monster
Reset all scores!
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shark
Other team loses 5 points!
Okay!
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rocket
Go to first place!
Okay!
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baam
Lose 15 points!
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15
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What economic concept ties present wages/prices to an adjustment figure?
Indexing.
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15
×
How many members are on the Fed’s Board of Governors?
Seven members.
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15
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Name three tools the Fed can use to change the money supply.
Changing the discount rate, changing the reserve requirement, and open market operations.
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trap
No points!
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gold
Win 50 points!
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shark
Other team loses 15 points!
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thief
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25
15
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What does M-2 include?
M-1 plus money available to spend after a short delay (near-money).
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15
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What happens if money supply grows faster than production?
A general rise in prices (inflation).
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15
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What term describes extremely high, runaway inflation?
Hyperinflation.
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baam
Lose 25 points!
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gold
Win 50 points!
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gift
Win 25 points!
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thief
Give points!
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15
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Name one function of the Federal Open Market Committee (FOMC).
Buys and sells government securities to affect the money supply.
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15
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What is representative money?
Money that represents a commodity held in storage (e.g., past US notes).
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lifesaver
Give 25 points!
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star
Double points!
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rocket
Go to first place!
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thief
Give points!
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15
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What does the Sherman Antitrust Act of 1890 address?
Declared trusts and similar arrangements illegal to preserve competition.
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15
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Where does additional government spending typically come from?
Taxation and borrowing.
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15
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Which economist argued government should regulate demand to smooth the business cycle?
John Maynard Keynes.
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15
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What is underemployment?
Working part-time or below one’s skill level with insufficient income.
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