Econ U1 Quizzes
economic perspective
weighs the costs and benefits of each measure before making an economic decision
the business cycle
Fluctuations through a series of economic expansions and contractions is part of ____.
commerce
The conducting of business is called ____.
populist
The depression of 1893 was directly responsible for the growing popularity of the ____ Party.
collect taxes and regulate commerce
The federal government was weakened under the Articles of Confederation, so the Congress did not have the power to____.
mixed
The government controls some but not all industries in a ____ economic system.
self-interest
The idea of ____ is the both the buyer and seller will do what is right in order to maintain a trading relationship.
the United Kingdom
The inventors of the mixed economy system, chief among whom was RH Tawney, came from ____.
a trough
The lowest period for a country's GDP is called ____.
command
There is little change to gain wealth or succeed in a ____ economic system.
barter ot trade
Transactions in a traditional economy are typically done with ____.
It allows the lender to make money in exchange for giving money to those who need it.
What is the purpose of interest?
The government did not have the constitutional authority to do so.
What was Thomas Jefferson's argument against the creation of a national bank?
picks the item that represents the greatest value
When a shoppe makes a rational choice, he or she ____.
a private company not found within the government
Where can you find the agency responsible for putting together business cycle information-- in particular, when the cycle peaks and plummets?
healthcare spending
Which aspect of government spending was greatly increased in the spring of 2010?
Amazon Rainforest of South America
Which country or region best exemplifies a traditional economy?
China
Which country owns a large portion of US debt?
Russia
Which country's collapse greatly altered US military spending?
Federal Trade Commission
Which government agency deals most directly with consumers and their rights and protection?
opportunity cost
Which of these represent thing you miss out on when you decide to spend your money of something else?
the Crimean War
Which war and the subsequent agricultural surplus helped cause the 1857 depression?
Department of State
Which was one of the first three departments of the early American government?
The states did not want to be answerable to the federal government and therefore be put in a weaker position
Why might the states be upset at the federal government paying off their debts?
Das Kapital
___ attempted to explain how capitalism could end in a worker-operated government without social classes.
banks made risky loans and inflated housing prices
One major cause of the 2008 financial crisis was that ____.
a wave of overspeculation in the Western frontier territories
One of the Major causes of the economic downturn of 1819 was ____.
scarcity
a problem created by unlimited wants and limited resources
scarcity
A rise in the price of groceries results in consumers spending less on entertainment.
economic perspective
A woman reviews her budget, debt, and spending habits when considering whether to purchase a home
expansion
An economy going from the trough to the peak is said to be in a states of ____.
taking advantage of the young republic
Foreign countries convinced that United States to form a stronger federal government by ____.
the Bank of the United States
In 1837, President Andrew Jackson caused a depression for Martin Ban Buren during his fight with ____.
six months
In order for a country's economic condition to be considered a recession, the economy and GDP mist in decline or six months.
scarcity
Many parents are unable to find and purchase a popular toy at Christmastime.
to educate themselves on the products they are interested in, including their benefits and potential costs or problems
What is the biggest responsibility that consumers have?
They preached the idea that capitalism is inherently flawed and that society will only improve when the workers take control of the economy
What is the importance of Karl Marx and Friedrich Engels?
Adam Smith
Which philosopher is most associated with a free-market economy based on self-interest?
healthcare
Which portion of US government spending took up the largest percentage of the 2016 budget?
house
Which purchase requires good credit?
baby boomer generation
Which segment of US society represents a challenge to the Social Security system?
depositor
a person who places money in a bank
depression
a recession that is very long and severe
inflation
a rise in prices due to the loss of value of money
unsecured debt
money owed that impose a higher interest rate because repayment is not guaranteed
secured debt
money owed that is guaranteed by the thing it is used to purchase
Communism
originated in the ideas of Marx and Engels that taught that all citizens should have the same wealth and social standing.
peak
the point at which a country's GDP and economy reach top efficiency and are immediately followed by a downturn
overspeculation
the term used for the overvaluing of property of land
three months
Economically, the government divides its earning marls into quarters, or every ____.
opportunity cost
Choosing between spending money on a new suit or a vacation is an example of ____.
Profit
_____ is the primary motivating factor in a market economic system.
traditional
A ____ economic system is characterized as agricultural and lacking in technology.
totalitarian
A ____ government holds near complete control over the lives of its citizens
tariff
A ____ is a tax on goods imported from other countries.
a recession
A country's economic peak is followed by ____.
the Enlightenment
Concepts of the market economic system stem from which movement?
marketplace
Consumers and sellers create a ____ where goods and services are exchanged.
a consumer's record of going into and getting out of debt in a faithful and punctual way
Credit refers to ____.
proletariat
The French word for a member of the working class is ____.
14 trillion
The US government debt in 2015 was about ____.
Better Business Bureau
The ____ is an organization that works to protect consumers.
Communist Manifesto
The ____ was a pamphlet of communist economic thought.
the barter system
The concept of a double coincidence of wants is the instrumental part of