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Question 2 What is meant by a traditional economy? (Basic economic questions are answered the way ancestors answered them.)TRANSCRIPT
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Question 1What is intergovernmental revenue?
(Money that comes from another level of gov’t)
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Question 2What is meant by a traditional economy?
(Basic economic questions are answered
the way ancestors answered them.)
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Question 3What are reserve requirements?
(The amount that banks are required to keep on hand.)
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Question 4What is a trade surplus?
(Where a country exports more than
they import)
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Question 5This economic system is
based on the private ownership of resources and on individual freedom.
(Capitalism)
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Question 6What condition exists when a single seller controls an entire market?
(A monopoly)
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Question 7What government group investigates counterfeiting and protects the President?
(The Secret Service)
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Question 8What government agency oversees mergers and monopolies?
(FTC)
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Question 9What agency prints US money? (Bureau of Engraving
& Printing)
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Question 10What does FDIC do?
(It protects deposits if banks
fail)
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Question 11Give an example of a
government monopoly.
(Post Office, electric co., cable co., etc.)
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Question 12
To the nearest trillion, what is our current national debt? (Nearly $11 trillion)
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Question 13
What often causes a technological monopoly?
(Patents)
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Question 14What type of tax is the
largest source of revenue for the federal government?
(Personal income taxes)
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Question 15This is an economic system
under which no private property exists and where people work for the common good.
(Communism)
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Question 16What is the largest
expenditure for the federal government? (Entitlements or payments
to individuals)
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Question 17What are profits paid to stockholders based upon the number of shares owned called?
(Dividends)
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Question 18
Who is the father of communism?
(Karl Marx)
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Question 19
Who is the father of capitalism?(Adam Smith)
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Question 20
How many US denominations of coins are minted
(6)
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Question 21This word means a rivalry of sellers so that no one producer can control the market.
(Competition)
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Question 22What is fiscal policy?
(Controlling the economy through
taxing and spending)
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Question 23Who controls monetary policy in the US? (The Federal Reserve)
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Question 24Who controls fiscal policy in the US?
(Congress and the President)
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Question 25This is the total dollar value of all final goods produced in a country in a year.
(GDP)
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Question 26This is the lowest point in the business cycle.
(A trough or recession)
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Question 27
This is what backs the US currency.
(Confidence)
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Question 28
What 2 components make up US money?
(Currency and demand deposits)
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Question 29
How do corporations easily raise revenue?(Issue more shares of
stock)
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Question 30What is the discount rate? (It is the interest rate the
Fed charges banks.)
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Question 31Which government agency makes coins? (The Bureau of the Mint)
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Question 32Which type of economic system is also called a market economy?
(Capitalism)
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Question 33Which type of economic system is also called a command economy?
(Communism)
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Question 34Which type of economic system is also called a mixed economy?
(Socialism)
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Question 35What 3 benefits does competition bring to consumers?(Lower prices, better
quality, more selection)
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Question 36Name a communist country today?
(China, Cuba, Myanmar, North Korea, Vietnam)
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Question 37Name a socialist country in the world today.
(Norway, Sweden, Finland, UK, etc.)
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Question 38Name a capitalist country besides the US.(Jamaica, Singapore,
Thailand, etc.)
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Question 39What is a deficit budget?(Where Expenditures
are greater than revenue)
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Question 40What is a surplus budget?(Where Expenditures are less than revenue)
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Question 41What are 3 differences
between developing and developed countries?(Standard of living, birth and death rates, quality of
life, types of jobs in economy, etc.)
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Question 42Name 2 permanent
members of the UN Security Council with veto power besides the US?
(UK, France, Russia, China)