Unit 1 Quiz 3, Unit 1 Quiz 2, Unit 1 Quiz 1, Unit 1 Unit Test, eco
The U.S. government debt in 2015 was about ___.
$14 trillion
Which scenario would one most likely see in a traditional economic system?
A farmer grows a one-acre farm to produce all the vegetables his family will need over the course of a growing season.
Which scenario best explains scarcity?
A man has $20 but wants to take his girlfriend to a fancy steak restaurant, where he needs $70.
Choose if the statement concerns Economic perspective or if it concerns Scarcity. 1. Scarcity 2. Economic perspective 3. Scarcity
1. A rise in the price of groceries results in consumers spending less on entertainment. 2. A woman reviews her budget, debt, and spending habits when considering whether to purchase a home. 3. Many parents are unable to find and purchase a popular toy at Christmastime.
Which answer is NOT characteristic of a command economic system?
encouragement of the pursuit of wealth
Which of these is NOT a characteristic of a command economic system?
encouragement of the pursuit of wealth
An economy going from the trough to the peak is said to be in a state of ___.
expansion
An economy going from the trough to the peak is said to be in a state of _______.
expansion
What is the purpose of interest?
for the lender to make money in exchange for giving money to those who need it
The idea of ___ is that both the buyer and seller will do what is right in order to maintain a trading relationship.
self-interest
Which of these is NOT a characteristic of a market economic system?
lack of private ownership of resources
Consumers and sellers create a ___ where goods and services are exchanged.
marketplace
The government controls some but not all industries in a(n) _________ economic system.
mixed
In order for a country's economic condition to be considered a recession, the economy and GDP must be in decline for ___.
six months
Foreign countries convinced the United States to form a stronger federal government by ___.
taking advantage of the young republic
A(n) ________ is a tax on goods imported from other countries.
tariff
In 1837, President Andrew Jackson caused a depression for Martin Van Buren during his fight with ___.
the Bank of the United States
Which war and the subsequent agricultural surplus helped cause the 1857 depression?
the Crimean War
Concepts of the market economic system stem from which movement?
the Enlightenment
The creators of the mixed economic system were from ______.
the United Kingdom
The inventors of the mixed economic system, chief among whom was R.H. Tawney,came from ___.
the United Kingdom
The concept of a "double coincidence of wants" is the instrumental part of ___.
the barter system
The concept of a double coincidence of wants is the instrumental part of ___.
the barter system
Fluctuations of expansion and recession are part of ___.
the business cycle
Fluctuations through a series of economic expansions and contractions is part of ___.
the business cycle
Those suffering from the 1873 depression pushed for ___.
the reissue of greenback dollars from the Civil War
Economically, the government divides its earning marks into quarters, or every ___.
three months
What is the biggest responsibility that consumers have?
to educate themselves on the products they are interested in, including their benefits and potential costs or problems
When a shopper makes a rational choice, he or she may ___.
pick the item that represents the greatest value
When a shopper makes a rational choice, he or she ___.
picks the item that represents the greatest value
A _______ government holds near complete control over the lives of its citizens.
totalitarian
A(n) ________ economic system is characterized as agricultural and lacking in technology.
traditional
In a(n) __________ economy, transactions are typically done through barter rather than currency.
traditional
Which decision is NOT one made with an economic perspective?
A young man buys an old car without thinking about the costs associated with fixing the vehicle, and the fact that it will probably only last for months.
Which philosopher is most associated with a free-market economy based on self-interest?
Adam Smith
Which philosopher is most associated with the market economy?
Adam Smith
What country or region best exemplifies a traditional economy?
Amazon Rainforest of South America
The ___ is an organization that works to protect consumers.
Better Business Bureau
What country owns a large portion of U.S. debt?
China
________ originated in the ideas of Marx and Engels that taught that all citizens should have the same wealth and social standing.
Communism
The _______ was a pamphlet of communist economic thought.
Communist Manifesto
Which answer was NOT a weakness of the Articles of Confederation
Congress could not negotiate treaties with foreign countries.
The _______ War and the subsequent agricultural surplus contributed to the recession of 1857.
Crimean
______ attempted to explain how capitalism could end in a worker-operated government without social classes.
Das Kapital
Which was one of the first three departments of the early American government?
Department of State
The ______ movement influenced the foundational ideas of the market economic system.
Enlightenment
Which government agency deals most directly with consumers and their rights and protection?
Federal Trade Commission
With support from the _______ Party, R.H. Tawney pushed Great Britain toward a mixed economic system.
Labour
The depression of 1893 was directly responsible for the growing popularity of the ___ Party.
Populist
The depression of 1893 was directly responsible for the growing popularity of the ______ Party.
Populist
_______ is the primary motivating factor in a market economic system.
Profit
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Which country's collapse greatly altered U.S. military spending?
Russia
The French word for a member of the working class is _________.
proletariat
What was Thomas Jefferson's argument against the creation of a national bank?
The government did not have the constitutional authority to do so.
Why might the states be upset at the federal government paying off their debts?
The states did not want to be answerable to the federal government and therefore be put in a weaker position.
Why were some of the states upset at the federal government paying off their debts?
The states did not want to be answerable to the federal government and therefore be put in a weaker position.
Economically, the government divides its earning marks into ______, each of which lasts three months.
quarters
A country's GDP economic peak is followed by ____.
recession
In 1962, President John F. Kennedy made a speech in which he spelled out the rights that a consumer has when purchasing something. Which one of these rights was NOT included in Mr. Kennedy's speech?
right to redress
What is the importance of Karl Marx and Friedrich Engels?
They preached the idea that capitalism was inherently flawed and that society will only improve when the workers take control of the economy.
Which of these would NOT add to the GNP of the United States?
a German-based grocery store in Champan, Illinois
Credit refers to ___.
a consumer's record of going into and getting out of debt in a faithful and punctual way
Credit refers to ________________.
a consumer's record of going into and getting out of debt in a faithful and punctual way
Where can you find the agency responsible for putting together business cycle information—in particular, when the cycle peaks and plummets?
a private company not found within the government
Which agency is responsible for putting together business cycle information, particularly when business economies peak and plummet?
a private company outside of the government
Which factor was NOT a cause of the Great Depression?
a protest against U.S. dealings in Southeast Asia
A country's economic peak is followed by ___.
a recession
The lowest period for a country's GDP is called ___.
a trough
One of the major causes of the economic downturn of 1819 was ___.
a wave of overspeculation in the Western frontier territories
Which of these would NOT add to the GDP of the United States?
an American-based investment firm in Switzerland
What segment of U.S. society represents a challenge to the Social Security system?
baby boomer generation
One major cause of the 2008 financial crisis was that ___.
banks made risky loans and inflated housing prices
Transactions in a traditional economy are typically done with ___.
barter or trade
Which country or region best exemplifies a traditional economy?
rural Africa
Karl Marx and Friedrich Engels believed that ________ was(were) wrong and that workers should control the economy.
capitalism
The federal government was weakened under the Articles of Confederation, so the Congress did not have the power to ___.
collect taxes and regulate commerce
There is little chance to gain wealth or succeed in a ____ economic system.
command
The conducting of business is called ______.
commerce
What was NOT a part of Hamilton's economic plan?
creation of a new set of bank notes
It is required that you have good _______ in order to purchase a home.
credit
Which answer is a characteristic of a market economic system?
all of these
Match the definitions with the terms. 1. unsecured debt 2. economic perspective 3. secured debt 4. scarcity
1. money owed that imposes a higher interest rate because repayment is not guaranteed 2. weighs the costs and benefits of each measure before making an economic decision 3. money owed that is guaranteed by the thing it is used to purchase 4. a problem created by unlimited wants and limited resources
Match the definitions with the terms. 1. overspeculation 2. peak 3. inflation 4. depression 5. depositor
1. the term used for the overvaluing of property or land 2. the point at which a country's GDP and economy reach top efficiency and are immediately followed by a downturn 3. a rise in prices due to the loss of value of money 4. a recession that is very long and severe 5. a person who places money in a bank
What is the purpose of interest?
It allows the lender to make money in exchange for giving money to those who need it.
Which portion of U.S. government spending took up the largest percentage of the 2016 budget?
healthcare
What aspect of government spending recently increased greatly in the spring of 2010?
healthcare spending
Which purchase requires good credit?
house
Choosing between spending money on a new suit or a vacation is an example of ___.
opportunity cost
Which of these represents things you miss out on when you decide to spend your money on something else?
opportunity cost
The things you miss out on when you decide to spend your money on something else are considered ___.
opportunity costs
