Supply and Demand
When price goes up, what happens to demand?
A tax imposed by one country on the goods and services imported from another country is known as a
Tariff
Economics wants to solve the problem of endless wants and needs with limited recourses, what is this called
Scarcity
Two or more quarters of no economic growth is known as a
Recession
This is the safest security because it is backed by the United States government
Savings Bond/Bill/Note
What is it called when when a small number of firms have control over an entire market?
Oligopoly
A benefit given by the government to an individual, business, or institution, to produce a certain product
Subsidy
The study of economics focuses on three interactions between people and goods, the first being production. What are the other two?
Distribution and Consumption
The 2008 Financial Crisis and following recession were caused by the failure of which market?
Housing
A share
The global price of oil has increased leading to an increase in the price of almost all other good, what type of inflation is this?
Cost-Push
An economy's ability to produce a particular good or service at a lower opportunity cost than its trading partners is knows as
Comparative Advantage
What are the four types of economic systems?
Market, Command, Mixed, Traditional
The 2020 Recession was caused by what?
Government shutdowns due to Covid-19
The two biggest stock exchanges in the world are located in New York, what are their names?
The US and China lead the world in GDP every year, in the last several years who has had the third and fourth highest GDPs (hint: axis powers)
Japan and Germany
The "United States Mexico Canada Agreement" used to be known as NAFTA, what does NAFTA stand for?
North American Free Trade Agreement
The loss of potential gain when a good or experience is chosen over an alternative good or experience is known as
Opportunity Cost
Who sets fiscal policy?
The legislative and executive branches
There are five categories of real estate, two being raw land and special purpose. What are the other three?
Residential, Commercial, Industrial
"Ceteris Paribus" is a latin phrase that translates to what?
All Else Equal
The Federal Reserve is made up of how many regional Fed Banks?
12
An economic system that is governed by strong cultural, religious, or tribal leadership is known as a
Traditional Economy
The recession in late 2000 was caused by overconfidence in internet based companies, what was this known as?
Dot Com Bubble
The most expensive stock on the stock market is
Berkshire Hathaway