Econ U2 Quizzes
private
"...nor shall ____ property be taken for public use, without just compensation."
oligopoly
An ____ occurs when there are few competitors and high barriers to entry within an industry.
unit of account
An agreed-upon scale of worth for goods is a ____.
e-cash
An electronic version of paper money that is becoming more popular is called ____.
invention of "flying money"
Chinese merchants stored money in one place and used it in another.
Congress and the President
Fiscal policy is the responsibility of ____.
fiat money
The money that is established by law to be money is called ____.
regulate how much money is in circulation in order to influence the economy
The power of creating monetary policy is the power to ____.
profit
The pursuit of ____ is legitimate because entrepreneurs assume the risk of a business and need to provide for themselves and their families.
currency
Paper money and coins are ____.
it was not answerable to the public and had become too powerful
President Andrew Jackson wanted to get rid of the Bank of the United States because ____.
emergence of artisan bankers
Space inside safes was rented to others in order to protect gold.
it established that the government has a right to regulate the economy
The importance of the Sherman Antitrust Act of 1890 is that ____.
make profit in the sale or operation of private property
The importance of the right to private property is the ability to ____.
the consumers
The key to the market economy is that basic economic decisions are ultimately made by ____.
perfect competition
____ creates the best environment for consumers' freedom and security.
expansionary fiscal policy
A ____ encourages economic growth through tax cuts, a decrease in industrial regulation, increased government spending, or a combination of factors.
balanced budget
A ____ exists when government revenues and expenses are the same.
stimulus
A ____ is an increase of circulated money that is meant to stimulate economic growth.
check
A ____ is not money, but merely authorizes banks to transfer money.
medium of exchange
A ____ is something accepted in return for a good or service.
budget surplus
A ____ is the economic condition that exists when the government takes in more taxes than they expend.
time deposit
A ____ pays higher interest but restricts when funds may be withdrawn.
factors
A free market economy allows citizens to control the ____ of production.
the Soviet Union
A lack of property rights contributed to the economic demise of ____.
settling a debt
A means of payment is a way of ____.
cut expenditures
A method of fixing a budget deficit is for the government to ____.
October 1st
Congress and the President are responsible for passing a federal budget before ____ of each year.
choose
Consumers have the right to ____ what to buy in a market economy.
reserve
During the 2008 financial crisis, the Fed reduced ____ requirements and lowered the discount rate to encourage growth.
creation of the Federal Deposit Insurance Corporation
If a bank closed, American depositors' money was guaranteed.
sell securities in the open market
If the Fed wanted to slow down inflation, it would ____.
incentive
If there are no private property rights, people have no ____ to invest or work.
reasonable prices and consumer choice
In a market or free enterprise economy, competition ensures ____.
commercial bank
In order to operate, a ____ must be authorized by the Comptroller of the Currency of the US Department of Treasury.
Fifth Amendment
In which amendment can one find the "Takings Clause"?
Mesopotamia
In which part of the world can one find the first evidence of banking-like institutions?
introduction of the Gramm-Leach-Billey Act
Insurance and securities companies were allowed to offer banking services.
it ended harmful monopolies and created the Federal Trade Commission
The Clayton Antitrust Act differed from the 1890 law in that ____.
inflation
The Fed's move to put more money into circulation in response to the 1969 recession led to ____ during the 1970s and 1980s.
policy
The Federal Open Market Committee sets economic ____ that runs the economy.
New York
The Federal Reserve bank responsible for beginning all Fed policy is based out of ____.
legal monopoly
The National Football League enjoys a ____.
provides fair payment for the property
The Takings Clause allows the government to practice eminent domain, or the taking away of property if the government ____.
federal budget
The ____ is an annual document created by Congress detailing government taxes and spending.
Progressive
The ____ movement was instrumental in the creation of the Federal Reserve System
store of value
The ability of money to hold its worth is a measure of its ____.
monopoly
The absence of any competition within a particular market of a good or service is a ____.
own their own business
The free enterprise system is based primarily upon the right of Americans to ____.
medium of exchange, store of value, and unit of account
What are the functions of money?
a new business created by an entrepreneur
What is a startup?
skill
What is the major obstacle for Americans to own their own business?
the amount of gold and silver devalued the worth of the world supply of the materials
What was the impact of the gold and silver the Spanish and Portuguese discovered in the Americas during the 1500s?
it gave the government more power in practicing eminent domain
What was the significance of the Supreme Court case Kelo v. New London (2005)?
discretionary fiscal policy
When Congress creates an act that affects fiscal policy, it is considered ____.
late 1800s
When did the US government begin its involvement in the economy?
natural monopoly
When one company can offer a product at a lower price than other companies due to some advantage, it is said it can create a ____.
competition
When there is a lack of ____, businesses are more likely to take advantage of consumers
the right to make consumers pay
Which answer is NOT a component of the free enterprise economy?
the Revolutionary War
Which event led to a more centralized banking system in the new United States?
an increase in welfare spending because more people qualify for benefits
Which government move would be an example of automatic fiscal policy?
your first credit card
Which of the following would NOT be an example of money?
savings bank
Which of the following would be an example of a thrift institution?
the economy as a whole fluctuating much more unpredictably
Which of these are the long-term effects of the total elimination of the gold standard?
it only serves a certain group of people
Which of these differentiates a credit union from other financial institutions?
Richard Nixon
Which president was responsible for eliminating all connection between the dollar and gold?
an identification card to approve transfers
Which role do credit and debit cards play when they are used to make a purchase?
decrease in government spending
Which would be an example of contractionary fiscal policy?
Woodrow Wilson
Who was repsonsible for the creation of the Federal Reserve System?
Roman Catholic Church
Who was the major obstacle to the spread of banking in Europe during the 1500s?