3. LIST AND EXPLAIN THE 4 MAIOR CHARACTERISTICS OF CAPITALISM. EXPLAIN EACH FULLY.
4. EXPLAIN THE CONCEPT OF OPPORTUNITY COST. WHAT ECONOMIC MODEL ILLUSTRATES THIS CONCEPT? DRAW AND EXPLAIN IT. PROVIDE AN APPLICATION OF OPPORTUNITY COST IN YOUR PERSONAL LIFE.
6. WHAT IS THE FEDERAL RESERVE BANK? WHAT IS ITS ROLE IN OUR ECONOMY? DESCRIBE ITS STRUCTURE, DESCRIBE A CURRENT POLICY ACTION TAKEN BY THE FED.
7. WHAT TOOLS ARE USED BY THE FEDERAL RESERVE TO IMPLEMENT MONETARY POLICY? INDICATE SPECIFICALLY HOW EACH OF THESE TOOLS COULD BE APPLIED IF A RECESSION WAS ANTICIPATED. GIVE EXAMPLES OF THE FED’S ACTION IN OUP CURRENT ECONOMIC SITUATION.
8. WHAT IS THE COMPOSITION OF THE U.S. MONEY SUPPLY? WHAT ARE THE FUNCTIONS OF MONEY? PROVIDE AN EXAMPLE OF EACH FUNCTION. WHAT IS M1 AND M2? BRIEFLY DESCRIBE YOUR USE OF MONEY IN YOUR EVERYDAY LIF
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