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MSU - ISE 2113 - Study Guide - Final

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MSU - ISE 2113 - Study Guide - Final

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background image Study Guide for Macroeconomics part 1 (mandatory)  1.  To avoid problems with barter what should sockets do?  
Societies have an incentive to identify a product that most people will accept in exchange 
for what they have to trade 
2. Trading goods and services is much easier when?  
When money is available 
3. People are more likely to what? And less likely to?  
To specialize and less like to produce everything or nearly everything they need 
4. People are more productive by? and Why?  
By specializing because they can pursue their comparative advantage  
5. When is an economy more efficient?  
More efficient when people accept a single good as a medium of exchange  
6. People hold money because ?  
Because of liquidity  
7. Because money is the medium of exchange it is?  
The most liquid asset  
8. Value of money depends on what?  
Purchasing power 
9. When prices rise, do people purchase more or less?  
Purchase less goods and services  
10. What can serve as money ?  
1. it must be acceptable  
2. of standardized quality  
3. it should be durable  
4. it should be valuable relative to its weight 
5. it should be divisible  
What the answers to # 10 mean  
1. must be acceptable  
background image usable to most people  2.standardized quality  
any two units are identical  
3. Durable  
Value not lost by spoilage  
4. Valuable  
amounts large enough to be useful in trade can be easily transported  
5. Divisible  
can be used in purchases of both low - prices and high prices goods 
11. Without confidence, currency would?  
Have no use 
12. When people get loans and cash them. What happens to bank in this scenario? 
In this scenario, the bank would not receive any new reserves or be able to make any new 
13. How many members are appointed by the president of the US and for how long is 
their term for?  
7 members every 14years, nonrenewable term   14. How many people are appointed chair of the board of governors and for how long is 
their term?  
1 chair serves 4 years renewable term 
15. The fed is responsible for ? 
managing the money supply  
16. FOMC meets how many times and where? and discuss what?  
In DC 8 times a year to discuss monetary policy  
17. In 2008 investment bank Bear Sterns avoided bankruptcy by ? 
Being purchased by JP Morgan Chase  

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School: Mississippi State University
Department: Industrl & Systems Engineering
Course: Principles of Macroeconomics
Professor: Heriberto Gonzalez
Term: Fall 2017
Tags: test, final, questions, and Macroeconmics
Name: macroeconomics
Description: here are a few questions and terms to study for the mandatory part of the test
Uploaded: 12/01/2017
4 Pages 37 Views 29 Unlocks
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