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16 Questions

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Economics Glossary Part 2

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Questions and Answers

What does an Automated Teller Machine (ATM) do?

Sells automated services to customers

Automatically prints bank statements

Provides cash and performs banking services automatically (correct)

Performs transactions with credit cards only

What are adaptive expectations?

Expectations that do not change over time

Expectations that are influenced by government policies

Expectations about inflation or other economic events (correct)

Expectations that are based on historical data

What are bank reserves?

Funds available for lending by the bank

Deposits made by customers at the bank

Assets held by the central bank for commercial banks

The percentage of a bank's deposits that it keeps on hand (correct)

What are capital resources?

Goods used to produce other goods and services Signup and view all the answers

What does a bank statement provide?

A monthly summary of a depositor's financial accounts Signup and view all the answers

What is the central banking system in the United States?

Federal Reserve Signup and view all the answers

What is a capital loss?

A loss suffered upon the sale of property, stocks, or other investments for less money than the purchase price Signup and view all the answers

What is the percentage of the total population aged 16 or over that is employed called?

Employment Rate Signup and view all the answers

What are fixed expenses?

Expenditures that are the same from week to week or month to month Signup and view all the answers

What does deflation refer to in an economy?

A sustained decrease in the average price level of all goods and services produced Signup and view all the answers

What are goods and services produced in one nation and sold in other nations called?

Exports Signup and view all the answers

What are human capital assets possessed by individuals?

Knowledge, talent, skills, health, and values Signup and view all the answers

What is the purchase of financial and/or physical assets in one country by businesses or people in another country called?

Foreign investment Signup and view all the answers

What does the term 'globalization' usually refer to?

The increased flow of trade, people, investment, technology, culture, and ideas among countries Signup and view all the answers

What does income tax refer to?

Payments made by individuals and corporations to the federal government based on income received Signup and view all the answers

What refers to spending by all levels of government on goods and services such as military, schools, and roads?

Government spending Signup and view all the answers