The four types of economies are ____, ____, ____, and ____. (Bonus 100 points for guessing which one the USA is!)
What is traditional, command, market, and mixed/modified private enterprise? (Bonus: Mixed economy)
100
The inverse relationship between price and quantity demanded is known as ______.
What is the Law of Demand?
100
A union is ______. Unions can ____, ____, ____ to protest employers.
What is an organization constructed to protect workers' rights? What are strikes, pickets, and boycotts?
100
GDP measures _________.
What is the health of the economy?
100
Describe the three tools the Federal Reserve Bank uses to control the market.
What are discount rates, reserve requirements, and open market transactions? (Explanations will vary)
200
Customer sovereignty is _____________.
What is the customer deciding what goods and services to produce?
200
The name for the total output a business needs to sell in order to cover it's total costs.
What is the break-even point?
200
Two types of taxes are ____ and ____.
What is proportional, progressive, or regressive tax?
200
The different types of unemployment are ____, _____, _____, ____, and ____.
What is frictional, structural, cyclical, seasonal, and technological employment?
200
The consequences on inflation are ____, ____, ____, and ____.
What is the decreasing value of the dollar bill, a change of spending habits, heavy speculation to take advantage of a high price level, and the alteration of the distribution of income?
300
Opportunity cost is ________________.
What is exchanging one thing for another based on what it would either personally or financially cost?
300
The 4 measures of cost are ____, ____, ____, and ____
What are total, fixed, variable, and marginal cost?
300
The higher-than-normal interest rates that heavy government borrowing causes is known as ______.
What is the crowding-out effect?
300
The Federal Reserve Bank is owned by _____.
What are member banks?
300
FICA taxes are _______.
What is the Federal Insurance Contributions Act tax levied on both employers and employees to pay for Social Security and Medicare?
400
The 4 factors required to produce the things that people use are ____, ____, ____, and ____.
What are land, capital, labor, and entrepreneurs?
400
Price serves as _________.
What is a signal to producers to decide the three basic "what," "how," and "for whom" questions?
400
Stocks in a company are called ____.
What are equities?
400
The difference between the discount rate and the prime rate ____________.
What is the discount rate being the interest rate that the Federal Reserve Bank gives to its members and the prime rate being the lowest or best interest rate that banks give to their customers?
400
Agricultural Nonrecourse Loan Support Programs help with _______. (Bonus 100 if you can describe how it helped)
What are farm incomes? (Bonus: It allowed farmers to borrow money against crops, then keep the money and forfeit the crop if prices were low)
500
The 5 types of business organizations are ____, ____, ____, ____, and ____.
What is sole proprietorship, partnership, corporation, conglomerate, and multinational?
500
________ is characterized by a large number of well informed independent buyers and sellers who exchange identical products.
What is perfect competition?
500
Money is defined as __________.
What is any substance that serves as a medium of exchange, a measure of value, and a store of value.
500
____ represents anything that is transactional (cash, check, etc.), while ____ is a measure of money that includes components most closely conforming to money's role as a store of value (savings deposits, money market funds, etc.)
What is M1 and M2?
500
A disadvantage, in terms of taxes, that corporations have that sole proprietorships and partnerships do not have is ________.