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Welcome to... A Game of X’s and O’s Modified from a game Developed by Presentation © 2000 - All rights Reserved [email protected] 1 2 4 7 3 5 8 6 9 Scoreboard 1 2 3 X 4 5 6 O 7 Click Here if X Wins Click Here if O Wins 8 9 1 Define GDP 1 Home Dollar value of all final g/s made in a nation in a year. 2 What is frictional unemployment? 2 When you are between jobs Home 3 What part of GDP increases when a new factory is built? 3 Home Investment (business) 4 Who controls the money supply in the US? 4 The Federal Reserve Home 5 Give an example of an action during a tight money policy. During what phase of the business cycle would this occur? 5 Issuing less money, selling bonds to public, increase interest rate, increase discount rate. This would occur during rapid Home expansion 6 What does “aggregate” supply and demand refer to? 6 Total supply and demand for Home an economy 7 What type of tax system takes a constant % of income from all people? Give an example. 7 Proportional Home (social security& medicare = FICA) 8 What 2 tools are used in the fiscal policy? 8 Home Government spending and taxes 9 If the federal government is attempting to encourage spending by consumers, what type of fiscal policy would be best? What phase of the business cycle 9 Expansionary (decrease taxes). It would occur during a Home contraction.