Download 0910 EOCT Review Guide Economics Macroeconomics standards

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0910 EOCT Review Guide Economics Macroeconomics standards
1. Overall levels of income, employment, and prices are determined by the spending
and production decisions of ______________________,
____________________, _______________________, and ____________
2. Define the following:
a) Gross Domestic Product:
b) Economic growth:
c) Unemployment:
d) Consumer Price Index:
e) Inflation:
f) Stagflation:
g) Aggregate demand:
h) Aggregate supply:
3. Identify how the following are calculated:
a) Economic growth:
b) Inflation:
c) Unemployment rate:
4. Identify the following types of unemployment, including one example each:
a) Structural:
b) Cyclical:
c) Frictional
5. Describe the following stages of the Business Cycle:
a) Peak:
b) Contraction:
c) Trough:
d) Recovery:
e) Expansion:
6. Describe the differences between a recession and a depression
7. Describe the differences between the national debt and government deficits
1. Briefly describe the organization of the Federal Reserve System (especially
keeping in mind the public/private nature of it).
2. Define monetary policy:
3. Describe the three tools used by the Federal Reserve to promote price stability,
full employment, and economic growth. Include examples of HOW the Fed uses
these tools to manipulate the money supply and interest rates
1. Define fiscal policy:
2. Explain the government’s taxing and spending policies, tying them into the three
tools of fiscal policy.