Questions and Answers
Which body manages the Fed? (Select all that apply)
Successful entrepreneurs contribute to the economy by:
Which best describes the effect negative incentives have on a certain course of action?
Why might a country choose to devalue its currency?
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What should be included in an informative essay? (Check all that apply)
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Study Notes
Federal Reserve Management
- The Federal Reserve is managed by the Federal Reserve Board.
- The Federal Open Markets Committee plays a crucial role in monetary policy but is not the managing body.
Role of Entrepreneurs
- Successful entrepreneurs contribute to the economy primarily by expanding markets.
- They facilitate the growth of new business opportunities and promote innovation within various sectors.
Negative Incentives
- Negative incentives work by making a certain action less profitable.
- They can dissuade individuals or businesses from pursuing specific actions due to decreased financial rewards.
Currency Devaluation
- Countries may choose to devalue their currency to encourage exports.
- A weaker currency makes a nation’s goods cheaper for foreign buyers, potentially boosting sales abroad.
Informative Essay Components
- An informative essay should include properly cited sources to substantiate claims.
- Parenthetical citations help in referencing sources without disrupting the flow of writing.
- Smooth transitions between paragraphs enhance the readability and coherence of the essay.
- Supporting details are essential to provide evidence and enhance understanding of the main points.
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Description
Test your knowledge with this comprehensive cumulative exam review covering key concepts in economics. Utilize flashcards to enhance your understanding of the Federal Reserve, the role of entrepreneurs, and more. Perfect for anyone preparing for an economics exam.
