Economics Final Exam Review
Economics Final Exam Review
Chapters 9 – 16
Chapter 9
□ Authority to collect income tax.
□ Intergovernmental revenues
■ What are they?
■ What are they used for?
□ Types of taxes
■ FICA
■ Flat
■ Regressive
■ Progressive
□ Characteristics of Taxes
■ Who do they hurt?
■ Who do they benefit?
□ Incidence of tax
■ How is it calculated?
■ Who pays the tax?
Chapter 10
□ Types of spending
■ Discretionary
■ Mandatory
□ Federal deficits v. Federal debts
□ Steps to approve the federal budget.
□ Government spending v GDP
□ Categories of Government spending.
□ Tax Acts
■ Gramm – Rudman – Hollings Bill
■ Budget Enforcement Act
■ Economy Recovery Tax Act
■ Balanced Budget Amendment
Chapter 11
□ Non – Bank Financial Institutions
■ What are they?
■ What services do they provide?
■ What is their role in the Financial System?
□ What are Put and Call Options?
■ What are they?
■ What role do they play in the market?
□ Bonds
■ What are they?
■ What are the different types?
■ What is the bond rating system?
■ What is “par value”?
■ What is their role in the marketplace?
□ What is EMH?
□ Reading a stock table.
□ Different financial markets.
■ Capital
■ Primary
■ Money
■ Secondary
■ Future
■ Options
■ Spot
■ Bull v Bear
Chapter 13
□ Demand pull – Cost push Inflation
□ Stagflation
□ Hyperinflation
□ Creeping Inflation
□ PPI
□ CPI
■ Base year calculations
■ Reading the chart
□ Leading Indicators
□ Implicit GDP Price Deflator
□ Business Cycles
■ Expansion
■ Peak
■ Recession
■ Trough
■ Depression
■ GDP Gap
Chapter 14
□ Money
■ Characteristics
■ What is it?
■ Uses
■ Commodity money
■ Fiat Money
■ Wampum
■ Specie
□ FDIC
■ What is it?
■ Why was it established?
□ Federal Reserve – FED
■ When was it established? Why?
■ What is it?
■ What is its structure?
■ Fed actions in the economy?
■ Federal Open Market Committee – FOMC
■ What is it?
■ What are its functions/purpose?
■ How do its actions effect the economy?
■ Reserve Requirements
■ What are they?
■ What are their purposes?
■ Calculating
□ M1
■ What does it comprise of?
■ What is its significance?
□ M2
■ What does it comprise of?
■ What is its significance?
Chapter 16
□ Tariffs and Quotas
■ Different Types
■ Rationale
□ Smoot – Hawley Tariff (1930)
■ What is it?
■ What did it do?
■ Was it effective?
■ What was the outcome of this act?
□ GATT
■ What is it?
■ Was it effective?
□ WTO
■ What is it?
■ Was it effective?
□ NAFTA
■ What is it?
■ Was it effective?
□ Trade Deficits/Surpluses
□ Reciprocal Trade Agreements
□ Value of Currency
■ Exchange rates
■ Effects on Trade
□ Comparative v. Absolute advantage
■ What is the difference?
■ How do they each effect trade?
□ Currency exchange rates
■ Reading exchange charts
■ What helps to determine the exchange rate?
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