Name: ____________________________________ Pd ___ Date ___ / ___ / ___ Mr. Henry Economics Unit 4 Test – 46 Points Chapters 12-14 (Pages 319-411) Part I. Vocabulary Review – 15 points Word Bank for #’s 1-15 Chapter 12 Macroeconomics Gross Domestic Product Real GDP Current GDP Gross National Product Census Center of Population Dependency Ratio Demographer Net Immigration Poverty Threshold Poverty Guidelines Lorenz Curve Earned Income Tax Credit Workfare Food Stamps Chapter 13 Trend Line Recession Trough Depression Scrip Economic Model Price Index Consumer Price Index Stagflation Hyperinflation Demand-Pull Inflation Cost-Push Inflation Outsourcing Unemployment Rate Cyclical Unemployment Seasonal Unemployment Structural Unemployment Chapter 14 Federal Reserve System Commodity Money Fiat Money Specie Measure of Value Store of Value M1 M2 State Bank Silver Certificate Bank Run Quantity Theoryof Money Bank Holiday Bank Holding Company Fractional Reserve System Regulation Z Easy Money Policy Prime Rate Part II. Multiple Choice – 10 points Two questions per Chapter Part III. Critical Thinking (Completion) – 5 points All questions pertain to the Fed Part IV. Subjective – 6 points New Deal, Hyperinflation, Banking (vaults & reserve requirement) Part IV. Essay – 10 points Describe the 4 consequences of inflation and which one you feel impacts society the most & why. Describe three Anti-Poverty programs and one that you feel is necessary and unnecessary & why Describe the three functions of money and describe 2 examples of other currency that people have used in history (aka not paper money or coins) Describe the benefits and disadvantages to a barter economy and fiat money. Also describe which you would prefer and why. What are 2 positives and 2 negatives to population growth and cite one of the top 5 states with an increase in population growth. Describe the 3 steps that are taken to measure prices and who measures these prices in the U.S.