Economic Decision Making
Economic Systems
Money
Macroeconomics
Extra Questions
100
If you chose between a hotdog and pasta at lunch time, the one you do not choose is called THIS.
What is the opportunity cost?
100
The three basic economic questions are what to produce, how to produce it, and.....
What is "for whom"?
100
Economies without money use THIS inefficient form of exchange, which requires consumers to trade their goods for someone else's goods.
What is barter?
100
When the money supply increases too quickly, THIS may result.
What is inflation?
100

If the government declares that you can't legally raise the price of cough syrup above $3 a bottle, this is a what?

What is a price ceiling?

200
Every decision involves trade-offs because of this economic concept.
What is scarcity?
200
THIS economic system is characterized by custom, agriculture, and resistance to change.
What is a traditional economy?
200
Paper bills and coins are a convenient form of money because they are divisible, interchangeable, durable, and THIS, which means easy to carry around.
What is portable?
200
This economic indicator measures the final sale price of all goods/services produced within a country.
What is Gross Domestic Product?
200
Unlike a savings account, investing money involves THIS
What is risk?
300

Of the 3 factors of production, which is usually most expensive?

What is labor?

300
In THIS economic system, the laws of supply and demand determine what is produced. Prices are also determined by the laws of supply and demand in this economic system.
What is a market economy?
300
Banks can increase the money supply or "create" money by doing THIS:
What is lend out money?
300

A recession is defined as a falling for GDP for how long.

What is 2 quarters or 6 months?

300

Under the U.S. federal income tax system, people with higher incomes pay a higher rate of taxes. This is know as a __________ tax system.

What is "progressive"?

400

A factory building, the desks in a school, and an oven in a pizza shop are all examples of THIS type of resource...

What is capital?

400

The goal of any economy is to produce goods/services at a point that is most.....

What is efficient? 

400
In a recession or period of slow growth, the Federal Reserve can encourage banks to lend out money and consumers to borrow money by doing THIS?
What is lower interest rates?
400
When the federal government wants to grow the economy and create jobs, it may lower taxes and increase government spending, also know as THIS type of fiscal policy.
What is expansionary fiscal policy?
400
Stockholders make money when the company that issued the stock pays THIS
What is a dividend?
500

The money system most countries follow, where money is only backed by trust in the system.

What is fiat? 

500
Goods/services that are shared by everyone but provided for by the government are called THIS.
What are public goods/services?
500

This group oversees our money and banking systems.

What is the FED?

500

When jobs don't exist because your skills are obsolete, we have what type of unemployment?

What is structural?

500

If the government fails to raise the debt ceiling, this will occur if spending doesn't drop.

What is a government shutdown? or What is go over the fiscal cliff?

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