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What young American in 1729 wrote a pamphlet advocating use of paper money in the colonies?
Ben Franklin
What is the lowest point of the business cycle called?
trough
What is the numerical value of the base year in a CPI?
100
Whose picture was on the first ever $1 bill?
Salmon P. Chase
What is the name of the Union money during the Civil War?
Greenbacks
the coinage act of 1792 created a _____ System, minting both gold and silver coins.
bimetallic
The dollar sign probably originated as a way of abbreviating this Mexican coin:
peso
Paper money printed in New Orleans during the Civil War bore the name “Dix”, meaning:
10
The first Federal building in America was the U.S. mint in this city:
Philadelphia
On the U.S. Seal, what object is the Eagle grasping to represent peace?
olive branch
Term for the period of time when the economy is growing and GDP is rising
Expansion/Recovery
What kind of economic indicators occur at the same time as the trend?
Coincident
During the colonial period, from what nation was the U.S. getting most of its gold coin from?
Spain
What person was supposed to appear on new $20 bills in 2020, but her debut has been delayed?
Harriet Tubman
What figure is the narrowest definition of money, including cash, coin and checking saving accounts.
M1
_____ demand is the total demand for everyone in the economy.
Aggregate
What kind of economic indicators come after the trend?
lagging
War would be an example of this kind of factor in driving an economic trend?
Psychological
How many positive quarters of GDP are required to end a recession?
1
The 4 categories of Gdp by Income Categories are Wages, Interest, Profit, and _______.
Rent
What federal office maintains CPI data price data?
BLS
GDP - _____ = NDP
Depreciation
On the great seal, what does the Latin phrase Novo Order Seclorum mean?
Now Order of the Ages
What ancient people are credited with creating the first coined money?
Lydians
The word “cent” gets its name from the Latin word for this:
hundred
Term for money that has a use outside of its use as money:
Commodity Money
Money whose value is backed by gold or silver:
Representative Money
Money whose value is what the government says it is:
Fiat Money
Business Cycles are measured in _____
Real GDP
How many negative quarters of Real GDP constitutes a Recession?
2
GDP - inflation = ______
Real GDP
Term for when the general price level begins to fall?
Deflation
On the great seal, what does the term E Pluribus Unum mean?
From Many, One
NDP -Indirect Business Taxes = ______
National Income
______ coins are those whose value of metal is less than the face value of the coin.
token
Who was the first English Ruler to put dates on his coins?
Edward VI
What President’s opposition to the 2nd Bank of the United States led to its death in 1835?
Andrew Jackson
What was the 1st American colony to mint its own silver coin in 1652, which featured a pine tree?
Massachusetts
From what time period is inflation measured?
Year to Year
Exports - Imports = ______ Exports
Net
What category is the largest in GDP by Economic Activity?
Consumer Goods & Services
What is the term for the highest point of the Business Cycle?
peak
What event finally brought the U.S. out of the Great Depression?
World War 2
What event in 1929 was the beginning of the Great Depression?
Stock Market Crash
Term for American paper money during the Revolutionary War:
Continentials
What kind of money is authorized in the Constitution?
coins
What organization was created by Congress in 1913 to regulate the Money Supply?
Federal Reserve
On the Great Seal, what is the eagle grasping to represent war?
arrows
National Income + ______ = Personal Income
Transfer Payments
What is the term for trading one item directly for another?
Barter
What function of money allows you to not have to spend it now, and instead use it in the future?
Store of Value
Function of Money that makes it a yardstick to compare value?
Unit of Accounting
Function of Money that makes trade easy?
Medium or Exchange
What characteristic of money means it is able to withstand wear and tear?
durable
wWhat characteristic of money means it is easy to carry around?
portable
What characteristic of money means it can be divided into smaller parts?
divisible
What characteristic of money means it is rare, which gives it value?
scarce
What value of money means its value does not change rapidly?
stable
Who was the first Secretary of the Treasury?
Hamilton
How long was the charter of the 1st Bank of the United States?
20 years
What founding father preferred state charted banks over national banks?
Jefferson
What bank insurance was created in 1934 by the Glass-Steagall Act?
FDIC
what president called for the Bank Holiday in 1933 when he took office?
FDR
What kind of Financial Institutions were bailed out of ruin by Congress in 1989?
Savings and Loans
What does ATM stand for?
Automated Teller Machine
What does EFT stand for?
Electronic Fund Transfer
What native American woman and her child appeared on $1 U.S. coins in 2000?
Sacajawea
A ____ card automatically withdraws money from a checking account
debit
About what percent of money in circulation are coins?
5%
What is the largest denomination of Federal Reserve Note in Circulation?
$100
what nation has the world’s highest per capita GDP?
Luxembourg
The _____ Power of the dollar declines during inflation.
Purchasing
The GDP Price ______ is an index that is used to remove inflation from GDP.
Deflator
Where Aggregate Demand and Aggregate Supply meet is the…
Equilibrium Price Level and Real Domestic Output
How many months is a quarter of a year?
3
What economic condition usually follows the end of wars?
Recession
What did 19th century English Economist, W. Stanley Jevons, think causes business cycles?
Sunspots
Government policy can effect business cycles by its policies of Taxing and _______.
Spending
War and weather are examples of ______ factors.
external
the 9/11 attack is an example of a _______ factor.
psychological
Note 
Flashcard (201)