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How the Money Flows
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100
The study of how individuals firms (businesses), and nations can best allocate their limited resources is called
What is economics
100
Which of the following tends to make economies efficient?
What is specialization
100
Money can BEST be defined as which of the following
What is a medium of exchange
100
The ups and down that the nation's economy goes through are officially referred to as
What is the business cycle
100
France imports more products from China that China imports from France. In this scenario, France has
What is an unfavorable balance of trade with China
200
Jamie must make an economic decision. He must choose whether or not to buy a new truck. After considering all the options, he concludes that the marginal costs of the truck are greater than the marginal benefits. In Jamie's case, buying the truck would be
What is an irrational decision
200
The greater the profit motive in an economic system, the greater the likelihood of
What are innovations
200
A market structure in which only one producer supplies a good that is in demand, thereby permitting them to set the price by how much they supply, is called a
What is monopoly
200
GDP, CPI, unemployment rate, and the national debt are all what?
What is economic indicators used to determine the state and direction of the economy.
200
The fact that the U.S. tends to import goods from Guatemala that it could produce more abundantly itself tends to suggest that
What is Guatemala has a comparative advantage in producing these goods.
300
A command economy is an economic system in which
What is the govt owns much of the property
300
Higher prices and govt regulation are both strategies for
What is dealing with scarcity
300
A business that manufactures ice skates buys steel for their blades in a
What is resource market
300
The new president proposes an economic plan to Congress. In it, he/she calls for lower taxes and recommends several programs requiring govt spending. The proposal reflects
What is fiscal policy
300
Which of the following parties would be MOST LIKELY to favor U.S. tariffs
What is U.S. labor unions
400
Which of the following is a strength of a market economy
What is opportunity for profit
400
Common ways the govt might try to regulate a mixed-market economy include
What is imposing tariffs or subsidies
400
Frank has owned the same Italian bistro in the heart of the city for nearly 23 years. Although it's small, its known for the best lasagna in town. What kind of business does Frank operate
What is a sole proprietorship
400
The Federal Reserve comes to the conclusion that more money must be pumped into the economy in an effort to stimulate economic growth. Which of the following actions could the "Fed" take that would result in increasing the money supply?
What is buy securities (bonds)
400
Which of the following can limit the availability of foreign products?
What are product standards
500
Trees, minerals and the real estate on which a company builds its manufacturing center are all
What is land
500
Buying stocks, purchasing new equipment for a business, paying for employees training and purchasing the latest computers for one's office are all examples of
What is investment
500
Jordan works for the state of GA as a probation officer. His labor the govt with a much-needed service. In return, the state pays Jordan a salary. With his salary, Jordan purchases the goods he needs or wants from private firms. He also pays taxes that allow the govt to continue to provide protection and govt and private businesses is referred to as
What is the monetary cycle circular flow of economic activity.
500
Increased consumption is a side effect of
What is an easy money policy by the Federal Reserve.
500
When the U.S. dollar appreciates, U.S. consumers can
What is afford to buy more foreign products.
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