Question

1. To create a supply curve, you would plot the ___ of a product that sellers are willing to part with at a specific office, regardless of the demand.

2. In a(n) ____ market, the number of sellers is low, controlling much of the market, and are able to have some control over their price structure. In a(n) ___ market, there are many sellers with products that differ slightly but have similar purposes.

3. Classify which of these factors are included by the United States government when calculating the GDP (gross domestic product).

Part of GDP and not part of GDP
-Products that are part of a final product
- Good and services produced in the U.S. by U.S. companies
-goods and services produced inside the U.S. by non-U.S. companies
-goods provided to be sold to final users

4.Which of these are characteristics of full employment? Select all the correct answers.
-everyone has a full time job
-100% of those seeking work are employed
-95% of those seeking work are employed

5. Statistics that are used to understand the economy for the past few months are ____, while those used to understand where the economy is headed in the upcoming few months to a year are _______.
-the price stability index
-leading economic indicators
-consumer confidence indicators
-lagging economic indicators

6. If the difference between what the government takes in through taxes is higher than what it spends on goods and services, it has a _____.
-monetary policy
-fiscal policy
-budget surplus
-budget deficit

7. The ___ results from a government's consistent taking in less money from taxes than it spends on goods and services.
-GNP
-national debt
-CPI
-fiscal policy

8. If the Federal Reserve uses a contractionary policy, it is concerned about ______. In this instance, it would make it _______ to borrow money and would increase interest rates.

Answer 1

1. To create a supply curve, you would plot the Quantity of a product that sellers are willing to part with at a specific price, regardless of the demand.

2. In an Oligopolistic market, the number of sellers is low, controlling much of the market, and are able to have some control over their price structure. In a Monopolistic competition market, there are many sellers with products that differ slightly but have similar purposes.

3. Classify which of these factors are included by the United States government when calculating the GDP (gross domestic product).
-Products that are part of a final product (Not Part of GDP because they are intermediate goods)
- Good and services produced in the U.S. by U.S. companies (Part of GDP because goods and services are produced domestically)
-goods and services produced inside the U.S. by non-U.S. companies (Part of GDP because goods and services are produced domestically)
-goods provided to be sold to final users (Part of GDP because they are final goods)

4.Which of these are characteristics of full employment? Select all the correct answers.
-100% of those seeking work are employed (Full employment is a situation in which everyone who is seeking a job can have employment at fair wages.)