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LOMA 308 Exam Study Guide with Complete Solutions
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LOMA 308 Exam Study Guide with Complete Solutions Transfer payments - Answer️️ -A payment made by a govt for which no goods or services are given in return Intermediation - Answer️️ -The transfer of funds from savers to borrowers through the services of a financial intermediary Produc...

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  • September 15, 2024
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  • 2024/2025
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LOMA 308 Exam Study Guide with
Complete Solutions

Transfer payments - Answer✔️✔️-A payment made by a govt for which no goods or

services are given in return


Intermediation - Answer✔️✔️-The transfer of funds from savers to borrowers through the

services of a financial intermediary

Product (output) markets - Answer✔️✔️-A market in which businesses supply finished

goods and service to households, other businesses and governments

Labor markets - Answer✔️✔️-A market in which households offer their labor to

businesses and governments in exchange for wages or other compensation

Financial (capital) market - Answer✔️✔️-A market in which money is transferred from

savers to borrowers

Medium of exchange - Answer✔️✔️-A standardized method of making and receiving

payments for goods and services

Unit of account - Answer✔️✔️-The monetary unit in which value is expressed

Real GDP - Answer✔️✔️-Gross domestic product that has been adjusted for changes in

price levels

Per capita GDP - Answer✔️✔️-Gross domestic product divided by country's population

Final goods - Answer✔️✔️-A good that is consumed rather than a good used to produce

another product


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,Genuine progress index index - Answer✔️✔️-A measure of a country's progress and

wellbeing determined by incorporating environmental and social factors that aren't

measured by the country's gross domestic product (GDP)

Natural rate of unemployment - Answer✔️✔️-The level of unemployment caused by

people leaving the workforce because their skills are no longer needed or they are

looking for other jobs and not by a recession or other drop in economic activity. In the

US, it is believed to be ~5%

Expansion - Answer✔️✔️-The phase in the business cycle in which unemployment is low

and real GDP rises for two or more consecutive quarters

Contraction - Answer✔️✔️-The phase in the business cycle in which unemployment

begins to rise and real GDP decreases from an earlier quarter

Recession - Answer✔️✔️-A significant decline in economic activity spread across the

economy and lasting more than a few months. Unemployment is generally high and real

GDP usually falls for two or more quarters

Depression - Answer✔️✔️-A severe and prolonged downturn in economic activity

characterized by substantial increases in unemployment and significant decreases in

real GDP and available credit

Seasonal variation - Answer✔️✔️-A variation that results from routine patterns that

typically occur in the course of one year

Cyclical variations - Answer✔️✔️-A variation that results from changes that affects more

one phase on the business cycle over a period of several years




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, Random variation - Answer✔️✔️-A variation that results from changes that are either

unexpected or are one time occurrences

Coincident indicators - Answer✔️✔️-A statistical variable that tends to change about the

same time that gross domestic product (GDP) changes

Personal consumption expenditures - Answer✔️✔️-A coincident indicator that contains

figures on how much money people are spending on goods and services

Prime rate - Answer✔️✔️-the interest rate that commercial banks charge their best

customers (usually large corporations) for short-term loans

Contractual savings institutions - Answer✔️✔️-A financial institution that acquires funds at

periodic intervals on a contractual basis

Security - Answer✔️✔️-A document or certificate that represents an ownership interest in

a business (stock) or an obligation of indebtedness owner by a business, government,

or agency (bond)

Pension funds - Answer✔️✔️-A pooled account, usually managed by a financial

intermediary that holds the contributions made to employer sponsored pension plans

Pension plan - Answer✔️✔️-An arrangement under which a plan sponsor provides plan

participants w a lifetime income benefit that begins at retirement

Stocks - Answer✔️✔️-A security that represents an ownership interest in a company

Bonds - Answer✔️✔️-A security that represents a debt that the borrower (the issuer)

owes to the bond holder (the buyer)




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